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Author Question: The adjusting entry to record the depreciation of a building for the fiscal period is a. debit ... (Read 63 times)

B

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on: Jul 5, 2018
The adjusting entry to record the depreciation of a building for the fiscal period is
 a. debit Depreciation Expense; credit Building.
  b. debit Depreciation Expense; credit Accumulated Depreciation.
  c. debit Accumulated Depreciation; credit Depreciation Expense.
  d. debit Building; credit Depreciation Expense.

Question 2

The Utility Enterprise Fund is in Year 2 of a three year construction project that is projected to cost 3,000,000 . The fund incurred 300,000 of costs in Year 1 and 1,800,000 in Year 2 . The fund will report
 
  A. Expenses of 300,000 in Year 1 and 1,800,000 in Year 2.
  B. Total construction in progress in Year 2 of 1,800,000.
  C. Total construction in progress in Year 2 of 2,100,000.
  D. Expenditures of 300,000 in Year 1 and 1,800,000 in Year 2.


nickk12214

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

C


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