Balance sheet column 5. Liquidation D. Hypothecation. a. Balance sheet column 2. 5. Accumulated depreciation is the cumulative depreciation of an asset up to a single point in its life. A. During the closing process, Accumulated Depreciation, Equipment will be closed to the income summary account. Accumulated Depreciation D. Advances from Clients. Example of How to Eliminate Accumulated Depreciation D. not be used. Accumulated depreciation is a compilation of the depreciation associated with an asset.When the asset is sold other otherwise disposed of, you should remove the accumulated depreciation at the same time. Accounting College Accounting (Book Only): A Career Approach Which of the following accounts would be closed during the closing process? Required: After The Closing Process Has Been Completed, Answer The Following Questions: What Is The Balance In The Supplies Expense Account? adjusting entries. Supplies Expense 1. Accumulated Depreciation 5. 6. a. $0 What Is The Balance In The Retained Earnings Account? QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? Otherwise, an unusually large amount of accumulated depreciation will build up on the balance sheet over time.. The end-of-period … Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? The January 31 entry to record depreciation expense would include . At 12/31/07 the balance of the account was $270,000. process? Income statement column 159. be closed to the drawing account. Allowance for doubtful accounts on 1/1/07 was $50,000. Income statement column 6. be closed to the capital account. Balance sheet column 8. Supplies 8. periodically charged to an expense account? d. a credit to Depreciation … What is the process by which the cost of a fixed asset over its estimated useful life is. B. be closed to the capital account. Dobson, Capital 2. Which of the following accounts has a normal debit balance?64. c. a credit to Accumulated Depreciation for $500. C. be closed to the drawing account. You are to prepare the missing adjusting entry. Income statement column 4. B. 62. Warton Company depreciates its equipment at the rate of $500 per month. 6. Entries required to zero the balances of the temporary accounts at the end of the year are called correcting entries. Accumulated depreciation formula after 3 rd year = Acc depreciation at the start of year 3 + Depreciation during year 3 = $40,000 + $20,000 = $60,000 Example #2. Cash c. B. Williams, Capital d. Accumulated Depreciation, Equipment Let us calculate the accumulated depreciation at the end of the financial year ended December 31, 2018, based on the following information: Gross Cost as on January 1, 2018: $1,000,000 Which one of the following accounts is both opened and closed during the closing. Depreciation C. Accretion. Question: The President Of Price Company Has Asked You To Close The Books (prepare And Process The Closing Entries). 1. Accumulated depreciation-equipment at 1/1/07 was $230,000. Question 1 Cee Enterprise is in the process of closing its account for the year ended 31 December 2019. B. a. a debit to Equipment for $500. Depreciation Expense 4. During the closing process, Accumulated Depreciation, Equipment will A. be closed to the income summary account. Balance sheet column 7. The equipment had an original cost of $40,000 and was 3/4 depreciated when sold. b. a credit to Retained Earnings for $500. Balance sheet column 3. 2. a. 63. Fees earned 6. not be used. 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