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Income Summary account Closing account Balance column account Contra account Question 21. Question : The difference between the cost of an asset and the accumulated depreciation for that asset is called Depreciation Expense Unearned Depreciation Prepaid Depreciation Depreciation Value Book Value Question 22. Question : Based on the following information, determine the current assets, assuming all accounts have a normal balance? Cash $ 6,754 Dividends $ 2,000 Accounts receivable $ 13,733 Consulting fees earned $ 13,718 Office supplies $ 2,625 Rent expense $ 3,673 Land $ 37,153 Salaries expense $ 6,642 Office equipment $ 14,535 Telephone expense $ 560 Accounts payable $ 6,463 Miscellaneous expense $ 280 Common stock $ 54,490 Retained Earnings ? Question 23. Question : On June 30, 2011, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31, 2011 for Apricot would include: