On the First Day of the Year Tan Traders Purchased

question 41

Multiple Choice

On the first day of the year Tan Traders purchased a forklift truck for $12 000 which is to be depreciated by 25% a year. At the end of the first year the adjusting entry to record depreciation is which of the following?

• A) Debit depreciation of forklift $3000; credit forklift $3000
• B) Debit depreciation of forklift $3000; credit accumulated depreciation of forklift $3000
• C) Debit depreciation of forklift $12 000; credit accumulated depreciation of forklift $12 000
• D) Debit accumulated depreciation of forklift $3000; credit depreciation of forklift $3000

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Definitions:

Null Hypothesis

A hypothesis that assumes there is no significant difference or effect, serving as a default position in statistical hypothesis testing.

One-way ANOVA

A statistical test used to compare the means of three or more independent groups to see if there is a statistically significant difference among them.

Money Spent

The total amount of money expended on a particular purchase, project, or activity.

Specific Hypothesis

A precise, testable statement predicting the relationship between at least two variables in a research study.