If an adjusting entry includes a debit to Rent Expense, that would indicate that the payment of rent had been previously recorded as a(n):
A. prepaid expense.
B. depreciation.
C. accrued expense.
D. accrued revenue.
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Adjusting entries are needed to correctly measure the:
A. ending balance in the Cash account.
B. net income (loss) on the balance sheet.
C. net income (loss) on the income statement.
D. beginning balance in the Cash account.
The allocation of a plant asset's cost over its useful life is called:
A. residual value.
B. book value.
C. accrued revenue.
D. depreciation.
The value of a depreciable asset at the end of its useful life is called:
A. book value.
B. residual value.
C. accrued revenue.
D. accrued expense.
Which of the following is the correct formula for calculating depreciation under the straight-line method?
A. Straight-line depreciation = (Cost + Residual value) ÷ Useful life
B. Straight-line depreciation = (Cost - Residual value) ÷ Useful life
C. Straight-line depreciation = (Cost + Residual value) × Useful life
D. Straight-line depreciation = (Cost - Residual value) × Useful life
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