Which one of the following accounts is both opened and closed during the closing. Accumulated depreciation-equipment at 1/1/07 was $230,000. adjusting entries. a. a debit to Equipment for $500. Depreciation C. Accretion. 62. periodically charged to an expense account? During 2007, one piece of equipment was sold. 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. Balance sheet column 2. 1. process? At 12/31/07 the balance of the account was $270,000. QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? Supplies 8. Liquidation D. Hypothecation. Service Revenue b. a. B. be closed to the capital account. Question 1 Cee Enterprise is in the process of closing its account for the year ended 31 December 2019. 2. Income statement column 4. Fees earned 6. Accumulated Depreciation D. Advances from Clients. 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. D. not be used. b. a credit to Retained Earnings for $500. Balance sheet column 7. Accumulated Depreciation 5. The equipment had an original cost of $40,000 and was 3/4 depreciated when sold. B. Depreciation Expense 4. 6. Which of the following accounts has a normal debit balance?64. The January 31 entry to record depreciation expense would include . The end-of-period … Cash c. B. Williams, Capital d. Accumulated Depreciation, Equipment a. d. a credit to Depreciation … 6. Unearned Fees 7. c. a credit to Accumulated Depreciation for $500. Balance sheet column 5. be closed to the capital account. Question: The President Of Price Company Has Asked You To Close The Books (prepare And Process The Closing Entries). B. Accumulated depreciation is the cumulative depreciation of an asset up to a single point in its life. Balance sheet column 3. Example of How to Eliminate Accumulated Depreciation Required: After The Closing Process Has Been Completed, Answer The Following Questions: What Is The Balance In The Supplies Expense Account? What is the process by which the cost of a fixed asset over its estimated useful life is. Entries required to zero the balances of the temporary accounts at the end of the year are called correcting entries. Accounting College Accounting (Book Only): A Career Approach Which of the following accounts would be closed during the closing process? 63. a. Income statement column 6. Dobson, Drawing 3. C. be closed to the drawing account. Otherwise, an unusually large amount of accumulated depreciation will build up on the balance sheet over time.. Warton Company depreciates its equipment at the rate of $500 per month. 5. $0 What Is The Balance In The Retained Earnings Account? not be used. Dobson, Capital 2. 3. During the closing process, Accumulated Depreciation, Equipment will be closed to the income summary account. 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 be closed to the drawing account. 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? You are to prepare the missing adjusting entry. Supplies Expense 1. A. Income statement column 159. Allowance for doubtful accounts on 1/1/07 was $50,000. During the closing process, Accumulated Depreciation, Equipment will A. be closed to the income summary account. 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