Which of the Following Accounts Would Be Something Credited "As

question 54

Multiple Choice

Which of the following accounts would be something credited "as something you gave up" in a journal entry for an asset exchange?

• A) Accumulated depreciation - old truck
• B) Old truck
• C) Loss on exchange of assets
• D) Notes receivable
• E) New truck

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Definitions:

Foreign

Relating to or originating from a country other than one's own, often associated with international laws, transactions, or entities.

Interstate

Relating to or involving more than one state, usually in reference to commerce or transportation that crosses state lines.

Closely Held Corporations

Corporations that have a limited number of shareholders and whose shares are not publicly traded.

Foreign Corporations

Entities incorporated under the laws of a foreign country that do business in another country.