Author Question: The bank reconciliation for Stuart Co shows a 1,000 note collected by the bank from customer, A. ... (Read 59 times)

Pineapplelove6 · **on:** Jul 6, 2018

The bank reconciliation for Stuart Co shows a 1,000 note collected by the bank from customer, A. Randall. The journal entry to record this item would involve a
a. debit to cash.
b. credit to Accounts Receivable.
c. debit to Notes Receivable.
d. none of the answers listed.

Question 2

Which of the following statements is true?

a. The straight-line method of depreciation allocates a decreasing amount of depreciation expense each year.
b. Straight-line depreciation is the least used method for financial reporting purposes.
c. Fixed assets are reported at historical cost less accumulated depreciation on the balance sheet.
d. The total amount of depreciation over the asset's life is larger when using an accelerated method of depreciation.