Tina's Event Planning Bought a Computer Worth $3,500 with an Expected

question 86

Multiple Choice

Tina's Event Planning bought a computer worth $3,500 with an expected life of 5 years and a residual value of $750.What is the adjusting journal entry after the first year?

• A)
• \[\begin{array} { | c | l | }
• \hline \text { Computer } & 550 \\
• \hline \text { Depreciation Expense } & 550 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | l | }
• \hline \text { Computer } & 550 \\
• \hline \text { Accumulated Depreciation, Computer } & 550 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | l | }
• \hline \text { Depreciation Expense } & 550 \\
• \hline \text { Accumulated Depreciation, Computer } & 550 \\
• \hline
• \end{array}\]
• D)
• \[\begin{array} { | c | l | }
• \hline \text {Depreciation Expense} & 550 \\
• \hline \text { Computer} & 550 \\
• \hline
• \end{array}\]

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Definitions:

Just Compensation

The fair market value that must be paid for property taken by the government through eminent domain.

Commercial Speech

Speech that promotes a commercial transaction, or advertisement, which is granted protection under the First Amendment but is subject to regulation.

First Amendment

The first addition to the U.S. Constitution, guaranteeing freedoms concerning religion, expression, assembly, and the right to petition.

Misleading

Providing false or inaccurate information that causes someone to believe something that is not true or does not present the full truth.