Depleption expense should not be recorded for natural resources they do not decr

Question

Depleption expense should not be recorded for natural resources they do not decrease in value time. When using the allowance method, the receipt of a payment on receivables that have been written-off requires an entry to reserve the write-off to the Allowance for Bad Debts account and an entry to record the receipt of cash. On the first day of January. Harris, Inc. borrowed $2,000 on a one-year note payable bearing interest at 7% per year I he note specific that principal and interest mutt be paid in lull at the end of the one-year period On June 30. the adjusted ttial balance will chow Internet Payable of The accountant ot Omega Consulting, Inc. failed to make an adjusting entry to record $6,000 for unearned service revenues that were earned before the end of the lineal year Assume the company initially recorded a liability. Which of the following statements is true? On January 1, 2017, Simpson Sales issued $23,000 in bonds for $35,800. These are eight-year bonds 5) with a stated rate of and pay semiannual interest Simpson Sales uses the straight-line method to amortize the bond premium Immediately after the issue of the bonds, the ledger balances are as follows: After the first interest payment on June 30,2017, what is (lie balance of Premium on Bonds Payable? For no-par stock there can be paid-in capital in excess of par.

Explanation / Answer

Answer:1) False

Answer:2) True

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