GB 518 RANK Career Path Begins/gb518rank.com GB 518 RANK Career Path Begins/gb518rank.com | Page 7
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: