The journal entry to record the sale or disposition of a depreciable plant asset always includes
A. recognition of a gain or loss
B. a debit to the accumulated depreciation account for the related accumulated depreciation
C. a debit to the asset account for the book value of the asset
Answer : B. a debit to the accumulated depreciation account for the related accumulated depreciation
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During May, Phone Mart sold 150 iPhones for $200 each. Each iPhone had cost Phone Mart $108 to purchase and carried a one-year warranty. If 4 percent typically need to be replaced over the warranty period and two actually are replaced during May, the entry to record the Product Warranty Expense is
A) Product Warranty Expense 216 Estimated Product Warranty Liability 216 B) Product Warranty Expense 3,000 Cash 3,000 C) Product Warranty Expense 648 Cash 648 D) Product Warranty Expense 648 Estimated Product Warranty Liability 648
. According to the ______, lying is only justified in certain situations.
Fill in the blank(s) with the appropriate word(s).
. At the ________ level of moral development, people easily give in to peer pressure to act ethically or unethically.
A. preconventional level B. conventional level C. postconventional level D. neoconventional level
The petty cash fund has a current balance of $100. Based on activity in the fund, it is determined that the balance needs to be changed to $700. Which journal entry is needed to make this change?
A) Debit the Petty Cash account and credit the Cash account for $700. B) No journal entry is needed because this change only involves cash. C) Debit the Petty Cash account and credit the Cash account for $600. D) Debit the Cash account and credit the Petty Cash account for $600.