Which of the Following Would Normally Be Recorded with an Adjusting

question 40

Multiple Choice

Which of the following would normally be recorded with an adjusting entry?

• A)sales on account
• B)payment for supplies bought on account
• C)utilities expense
• D)depreciation expense

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Definitions:

Accumulated Depreciation

The cumulative amount of depreciation for an asset up to a single point in its life.

Double-declining-balance

An accelerated depreciation method that doubles the rate at which an asset's book value decreases, reflecting its quicker loss of value.

Second Year

Refers to the second year in a multi-year analysis, project, or financial statement reporting period.

Ordinary Repairs

Routine maintenance expenditures necessary to keep an asset in operating condition without significantly enhancing its life or value.