The Entry to Record Amortization

question 48

Multiple Choice

The entry to record amortization:

• A) increases total assets and decreases total equity.
• B) decreases total assets and increases total equity.
• C) decreases both total assets and total equity.
• D) increases both total assets and total equity.

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Definitions:

Indentured Servants

Individuals who agreed to work for a set period without wages in exchange for passage to the New World.

Chesapeake Tobacco Planters

Landowners and farmers in the Chesapeake Bay region who cultivated tobacco as a cash crop during the colonial and early national periods of American history.

Seventeenth-Century Chesapeake

Refers to the region and period relating to the Chesapeake Bay in the 1600s marked by the establishment of English colonial societies based on tobacco farming and indentured servitude.

Artisans

Skilled manual workers who craft goods or products with their hands, often resulting in unique, functional art or functional items.