1.method of Depreciation

question 13

Multiple Choice

1.method of depreciation?

• A)$112,500
• B)$87,500
• C)$50,000
• D)$30,000

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Definitions:

Cash Payments Journal

An accounting journal used to record all cash payments made by a company, including expenses and debtor payments.

Control Account Balance

Refers to the total balance in a general ledger account that summarizes the balances of subsidiary ledger accounts.

Subsidiary Ledger

A ledger containing the details to support a summary line item in the General Ledger, such as accounts receivable or accounts payable.

General Ledger

A comprehensive set of accounts that records all financial transactions of a business and is used to prepare financial statements.