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Multiple Choice Question 108
The contra-account, Fair value Adjustment, is also called a(n)
valuation account.
offset account.
opposite account.
adjustment account.
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ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A)

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ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A)

E13-3: Tim Latimer Corporation had the following transactions.
For each transaction above, prepare the journal entry. ............
E13-4: Bracewell Company reported net income of $195,000 for 2014.
Bracewell also reported depreciation expense of $40,000 and a gain of
$5,000 on disposal of plant assets. The comparative balance sheet
shows an increase in accounts receivable of $15,000 for the year, a
$17,000 increase in accounts payable, and a $4,000 decrease in
prepaid expenses. ............