An Adjusting Journal Entry That Includes an Increase to a Contra-Asset

question 72

Multiple Choice

An adjusting journal entry that includes an increase to a contra-asset account would include an increase in a(n) :

• A)related asset account.
• B)liability account.
• C)revenue account.
• D)expense account.

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Definitions:

Transportation Companies

Businesses that specialize in moving goods, passengers, or both from one location to another.

Buying

The act of acquiring goods or services in exchange for money, encompassing both personal and organizational purchasing decisions.

Making

The process of creating or producing something, typically referring to manufacturing or craftsmanship activities.

Organizations

Groups of people who come together to achieve common goals, following a structured system and processes to ensure coordinated efforts.