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Which of the following is not a section of a worksheet?

Depreciation

Centrum Services purchased $4,400 worth of equipment. The equipment has an estimated useful life of seven years and a salvage value of $200. Using the straight-line method, the depreciation for the first month is:

$50

On a worksheet, the adjusting entry to account for depreciation of equipment consists of a:

debit to Depreciation Expense and a credit to Accumulated Depreciation

If $3,450 of insurance is purchased for the subsequent six months, what would be the credited account and amount within the necessary adjusting entry after the first month of insurance coverage has expired?

Prepaid Insurance for $575

If an adjusting entry relating to prepaid insurance is not entered onto the worksheet, assets on the balance sheet:

will be overstated

What is the purpose of the adjusting entry related to supplies?

To account for the supplies that were used during the period.

The adjusted Accumulated Depreciation balance will appear within which of the following worksheet columns?

Balance sheet credit column

After all account balances have been transferred from the Adjusted Trial Balance section of the worksheet to the financial statement sections, the Income Statement section of the worksheet includes the following totals. The Credit column total is $120,000 and the total of the Debit column is $80,000. The Income Statement section of the worksheet:

would be completed by entering $40,000 in the Debit column with the words “Net Income” in the Account Name column.

On the worksheet, the Balance Sheet columns should balance:

after the net income amount is added to the Balance Sheet Credit column.

If the Supplies account lists $600 in the Trial Balance Debit column of a worksheet, and lists $480 in the Adjustments Credit column of the worksheet, what will appear within the Adjusted Trail Balance columns for the Supplies account?