The credit balance in the accumulated depreciation account represent: <span> the amount of depreciation taken in past years
In accounting, we must reduce the value every year we held an asset in order to show the true amount of the total asset values. This occurence is called a depreciation. If the amount of depreciation is add-up for several years, this account is called accumulated depreciation
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Answer:
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Explanation:
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Answer:
Which of the following transactions are examples of prepayments that will require an adjustment at the end of the accounting period on December 31? (Select all that apply.)
B. A company pays a 6-month insurance premium at the beginning of October.
D. A company pays for 4 months of advertising in the Wall Street Journal on November 1.
Explanation:
B. A company pays a 6-month insurance premium at the beginning of October.
Record expenses for 3 months. Oct-nov-dec. Otrher 3 months are prepaid expenses.
D. A company pays for 4 months of advertising in the Wall Street Journal on November 1.
Record expenses for 2 months. Nov-Dec. Other 2 months are prepaid expenses.
