The journal entry to record $100 annual of annual depreciation on a three-year old truck would require: A. a credit to Accumulated Depreciation for $300. B. a debit to Retained Earnings for $200.
(Multiple Choice)The journal entry to record $100 annual of annual depreciation on a three-year old truck
would require:
A. a credit to Accumulated Depreciation for $300. B. a debit to Retained Earnings for $200. C. a debit to Depreciation Expense for $100. D. All of the above. E. None of these.
(Multiple Choice)
Residual value is not subtracted from cost in which of the following depreciation methods?
A. Straight-line. B. Sum-of-the-years’-digits. C. Double-declining balance. D. All of the above. E. None of these.
(Multiple Choice)
Over the long run, one would expect interest income on a bond investment to be equal to:
A. The difference between the cash invested and the cash returned on the investment. B. The face value of the bond. C. The difference between the face value and maturity value of the bond. D. The cash payments for interest plus any premium on the original investment. E. None of these.
(Multiple Choice)
A major overhaul was completed on a truck that resulted in an extension in its useful life from three to five years. The proper entry to reflect this transaction includes a:
A. debit to Accumulated Depreciation. B. credit to Accumulated Depreciation. C. a credit to Depreciation Expense. D. a debit to Maintenance Expense. E. None of these.
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