Which of the Following Entries Will Be Necessary to Close

question 151

Multiple Choice

Which of the following entries will be necessary to close the appropriate depreciation account at the end of the year?

• A)Debit Accumulated Depreciation and credit Income Summary
• B)Debit Depreciation Expense and credit Income Summary
• C)Debit Income Summary and credit Accumulated Depreciation
• D)Debit Income Summary and credit Depreciation Expense

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Definitions:

Trespasser

A person who intentionally and without consent or privilege enters another’s property.

Partially At Fault

A situation where more than one party shares responsibility for a wrongful action or incident.

Occupier's Rights

Rights that grant an individual or entity the authority to use and control a property, without necessarily owning it.

Personal Property Securities Act

A legal framework that regulates the creation and enforcement of security interests in personal property.