The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a
A) ledger
B) trial balance
C) account
D) balance sheet
B
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When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased?
A) Lease Rental Expense B) Leased Equipment C) Capital Lease Obligation D) Interest Expense
When a partner invests assets in a partnership, the assets are recorded at their fair market value on the date they are transferred to the partnership
Indicate whether the statement is true or false
When employees exercise their employee stock options, the firm debits _____ for the proceeds, debits _____ for any amounts credited to that account, credits _____ for the par value of the shares issued and credits _____ for any excess of the cash received plus the amount amortized over the par value of the shares issued
a. Cash; Additional Paid-In Capital (Stock Options); Common Stock; Additional Paid-In Capital b. Cash; Additional Paid-In Capital; Common Stock; Additional Paid-In Capital (Stock Options) c. Common Stock; Additional Paid-In Capital (Stock Options); Cash; Additional Paid-In Capital d. Common Stock; Additional Paid-In Capital; Cash; Additional Paid-In Capital (Stock Options) e. Additional Paid-In Capital (Stock Options); Common Stock; Additional Paid-In Capital; Cash
Accumulated Depreciation-Trucks is classified as an expense account
Indicate whether the statement is true or false