In Preparing an Adjusting Entry for Depreciation, an Accountant Debited

question 54

Multiple Choice

In preparing an adjusting entry for depreciation, an accountant debited depreciation expense and credited accumulated depreciation $500. The adjusting entry means (i) the value of the equipment decreased by $500, (ii) future periods will not benefit from the use of the equipment.

• A) Neither i nor ii.
• B) Both i and ii.
• C) i only.
• D) ii only.

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Definitions:

Days

Periods of 24 hours, marking a division of time based on the Earth's rotation.

Salpingo-oophorectomy

A surgical procedure to remove one or both of a woman’s ovaries and fallopian tubes.

Fallopian Tube

A pair of tubes that connect the ovaries to the uterus, crucial for the process of fertilization.

Pregnanediol

A metabolite of progesterone, measured in urine to assess progesterone levels in the body.