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Namie: ID: B 36. If a fixed asset, such as a computer, were purchased on January 1st for $3,750 with an estimated life of 3 years and a salvage or residual value of siso, the journal entry for monthly expense under straight-line depreciation is: (Note: EOM indicates the last day of each month.) a. EOM Accumulated Depreciation b. EOM Depreciation Expense c. EOM Depreciation Expense d. EOM Accumulated Depreciation Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense 100 100 1,200 1,200 100 100 1,200 1,200 37. The adjusting entry to record the depreciation of equipment for the fiscal period is a. debit Accumulated Depreciation; credit Depreciation Expense b. debit Equipment; credit Depreciation Expense c. debit Depreciation Expense; credit Accumulated Depreciation d. debit Depreciation Expense; credit Equipment Which of the following entries records the receipt of a utility bill from the water company? a. debit Accounts Payable; credit Cash b. debit Utilities Payable; credit Accounts Receivable c. debit Accounts Payable; credit Utilities Payable d. debit Utilities Expense, credit Accounts Payable 38. 39. If Beginning Inventory (BI)+ Purchases (P) - Ending Inventory (El)- Cost of Goods Sold (COGS), an equivalent equation can be written as? BI+P- COGS -EI a. b. El+P COGS -BI c. BI-P COGS+EI d. BI + P = COGS + EI 40. What is the major difference between the unadjusted trial balance and the adjusted trial balance? a. Unlike the Adjusted Trial Balance, the Unadjusted Trial Balance will continue with the end-of-period processing even if it is not in balance. The adjusted trial balance includes the postings of the adjustments for the period in the b. balance of the accounts. The adjusted trial balance will show the net income (loss) as an additional account. The adjusted trial balance will be used to record the adjustments for the period. c d

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