Quiz 17 PRINT YOUR NAME NEATLY: a. A credi to Alcord depreciation expense at the

Question

Quiz 17 PRINT YOUR NAME NEATLY: a. A credi to Alcord depreciation expense at the end of the period includes b. A credit to Depreciation Expense The adjusting journal entry to expense at A debit to Accumulated Depreciation A debit to Equipment d. e. 2. An entry to record a loss on disposal of equipment includes a. A debit to Gain on Disposal b. A credit to Loss on Disposal A debit to Equipment d. c. A debit to Accumulated Depreciation e. None of these 3 Lender Corp. leds Borrower Co S2000 on presents the note to Borrower Co. on Fe a. A credit to Interest Receivable of $600 spen er l accepting a five-month, 9%interest nielflenderCorp. bruary 1, the maturity date. Lender Corp's entry to record the collection includes b. A debit to Interest Revenue of $150 c. A debit to Cash of $20.000 d. A debit to Interest Revenue of $750 e. A debit to Notes Receivable of $20,000 4. Allowance for Doubtful Accounts is a the value an asset has lost over time. b. an expense an asset d. a temporary account e a contra asset 5. Climate Co purchases cquipment on July 1, 2017 for $102,000. The estimated useful life is ten years and 100,000 machine hours. The estimated salvage value of the equipment is $2.000. The company uses the straight-line depreciation method. Calula teciation expense to be recorded in an adjusting journal eatry on December 31, 2017 a. $9.600 b. $10,000 c. $10,400 d. $20,000 e. None of these 6. What is the normal balance of the Allowance for Doubsful Accounts? a. debit b. credit c. cannot be determined d. slightly to the left e. It is unbalanced The declining balance method is the most commonly used depreciation method in US compani d. Perhaps e. Only on Sundays

Explanation / Answer

Dear student, only one question is allowed at a time. I am answering the first question

1)

Journal entry to record depreciation is

Depreciation Expense       xxxxxxx

       Accumulated Depreciation       xxxxxxx

So, as per above journal entry, option c is the correct option

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