A new accountant working for Amherst Sobey's Store records $800 Depreciation Expense on store equipment on December 31 as follows: The effect of this entry is to
A) adjust the accounts to their proper amounts on December 31.
B) understate total assets on the balance sheet as of December 31.
C) overstate the carrying amount of the long-lived assets at December 31.
D) understate the carrying amount of the long-lived assets as of December 31.

Question

A new accountant working for Amherst Sobey's Store records $800 Depreciation Expense on store equipment on December 31 as follows:  The effect of this entry is to
A) adjust the accounts to their proper amounts on December 31. 
B) understate total assets on the balance sheet as of December 31. 
C) overstate the carrying amount of the long-lived assets at December 31. 
D) understate the carrying amount of the long-lived assets as of December 31.

Quizplus · Accepted Answer

The Answer of A new accountant working for Amherst Sobey's Store records $800 Depreciation Expense on store equipment on December 31 as follows:  The effect of this entry is to
A) adjust the accounts to their proper amounts on December 31. 
B) understate total assets on the balance sheet as of December 31. 
C) overstate the carrying amount of the long-lived assets at December 31. 
D) understate the carrying amount of the long-lived assets as of December 31.

A New Accountant Working for Amherst Sobey's Store Records $800