Given the Following Accounts

question 117

Multiple Choice

Given the following accounts:
-Charged the following costs to overhead: utilities, salaries, and depreciation.
Debit ________ Credit ________ & ________ & ________

• A)Expense accounts.
• B)Accounts receivable
• C)Finished goods inventory.
• D)Work in process inventory.
• E)Raw materials inventory.
• F)Factory supplies inventory.
• G)Manufacturing overhead applied
• H)Depreciation expense
• I)Accounts payable.
• J)Payroll payable
• K)Utilities expense
• L)Sales.
• M)Raw materials purchases.
• N)Manufacturing overhead-control.
• O)Cost of goods sold.
• Indicate the account(s) to be debited and credited to record the following transactions.

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Definitions:

Units-of-activity Method

A depreciation method that allocates the cost of an asset over its useful life based on units of production or use, rather than passage of time.

Straight-line Method

A method of calculating depreciation by evenly allocating the cost of an asset over its estimated useful life.

Salvage Value

The expected residual valuation of an asset at the conclusion of its operational life, commonly included in the calculations for depreciation.

Depreciation

The accounting process of allocating the cost of a tangible asset over its useful life, reflecting the asset's consumption, wear and tear, or obsolescence.