On January 1, 2011, Truckin, Inc. purchased a 100,000 truck with ...

[elizabeth18]

On January 1, 2011, Truckin, Inc. purchased a 100,000 truck with an estimated useful life of 10 years and a 0 residual value. The adjusting entry to record depreciation on the truck for the year ended December 31 will include a ________.
 
  A) credit to Truck of 10,000
  B) credit to Depreciation expense of 10,000
  C) credit to Accumulated depreciation of 10,000
  D) debit to Accumulated depreciation of 10,000

Question 2

Estimated Returns Inventory is an account used when adjusting for expected merchandise sales in the next period.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[Kingjoffery]

Answer to Question 1

C

Answer to Question 2

False

[elizabeth18]

Correct answers!

[Kingjoffery]

Great! Please up vote