Identify by Marking an X in the Appropriate Column, Whether

question 71

Essay

Identify by marking an X in the appropriate column, whether each of the following items would likely serve as a source document. The first one is done as an example:

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Definitions:

Adjustment Columns

Special columns found in accounting ledgers and worksheets used for making necessary modifications to accounts at the end of a reporting period.

Depreciation Expense

The cost allocated over the useful life of a tangible asset to account for its decline in value due to use and time.

Accumulated Depreciation

The total depreciation for a fixed asset that has been charged to expense since the asset was acquired and available for use.

Adjusting Entry

A journal entry made at the end of an accounting period to update account balances to reflect accurate and fair financial statements.