Author Question: Residual (salvage) value means the ________. A) value an asset has for generating revenue B) ... (Read 81 times)

c0205847 · **on:** Jul 5, 2018

Residual (salvage) value means the ________.

A) value an asset has for generating revenue
B) costs capitalized into an asset account
C) cost of an asset plus its accumulated depreciation at the end of its useful life
D) estimated value an asset will have at the end of its useful life

Question 2

When using a perpetual inventory system, the journal entry to record the cost of merchandise sold is:
a. debit Cost of Merchandise Sold; credit Sales
b. debit Cost of Merchandise Sold; credit Merchandise Inventory
c. debit Merchandise Inventory; credit Cost of Merchandise Sold
d. No journal entry is made to record the cost of merchandise sold.