The entry to close the Depreciation Expense account would include a debit to:
A. the Depreciation Expense account and a credit to the Income Summary account.
B. the Income Summary and a credit to Cash.
C. the Cash account and a credit to the Income Summary account.
D. the Income Summary account and a credit to the Depreciation Expense account.
Answer: D
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The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to
a. Preferred Stock for $750,000 b. Preferred Stock for $500,000 and PaidÂIn Capital in Excess of Par—Preferred Stock for $250,000 c. Preferred Stock for $500,000 and Retained Earnings for $250,000 d. Paid-In Capital from Preferred Stock for $750,000
If damage to leased property arises through no fault of the tenant, that tenant still has a duty to take interim steps in order to prevent further damage from the elements.
Answer the following statement true (T) or false (F)
Unamortized bond discount is
a. a contra-liability account. b. used to arrive at the carrying value of bonds. c. increased with a debit entry when bonds are issued at a discount. d. All of these are correct.
Customers __________.
a. Enjoy waiting b. Dislike waiting c. Find value in waiting d. Gain satisfaction from waiting