The process of transferring the cost
The process of transferring the cost of an asset to an expense account is called all of the following except
a. amortization
b. depletion
c. allocation
d. depreciation
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The journal entry for recording payment for the short-term lease of a fixed asset would
a. be a memo entry only
b. debit a liability and credit Cash
c. debit Rent Expense and credit Cash
d. debit the fixed asset and credit Cash
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Sands Company purchased mining rights for $500,000. They expect to harvest 1 million tons of ore over the next five years. During the current year, Sands mined 350,000 tons of ore. The entry to record the depletion would include
a. a credit to Depletion Expense for $350,000
b. a debit to Accumulated Depletion for $175,000
c. a debit to Depletion Expense for $175,000
d. a credit to Accumulated Depletion for $350,000
Answers
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Posted 21 Apr 2017 03:04 AM
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