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Namet 36. If a fixed $3,750 with an estimated life of 3 under straight-line asset, such as a computer, were purchased on January 1st for and a sal were ation is ge of residual value of siso, the journal entry for monthly expense e: EOM indicates the last day of cach month.) EOM Accumulated Depreciation (Not a. 100 Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense 100 b. EOM Depreciation Expense e.EOM Depreciation Expense d. 100 1,200 1.200 1200 1,200 EOM Accumulated Depreciation 1,200 37. The adjusting entry to record the depreciation of equipment for the fiscal period is debit Accumulated Depreciation; credit Depreciation Expense a. b. debit Equipment; credit Depreciation Expense c. debit Depreciation Expense; credit Accumulated Depreciation d. debit Depreciation Expense; credit Equipment 38. Which of the following entries records the receipt of a utility bill from the water company? debit Accounts Payable; credit Cash a. b. e. d. debit Utilities Payable; credit Accounts Receivable debit Accounts Payable; credit Utilities Payable debit Utilities Expense; credit Accounts Payable equivalent equation can be written as? a. BI+P cOGS EI c. BI-P- COGS+E 39. If Beginning Inventory (BI) Purchases (P) - Ending Inventory (El)- Cost of Goods Sold (COGs), an d. BI+P-COGS+EI 40. What is the major difference between the unadjusted trial balance and the adjusted trial balance? Unlike the Adjusted Trial Balance, the Unadjusted Trial Balance will continue with the end-of-period processing even if it is not in balance. The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. The adjusted trial balance will show the net income (loss) as an additional account. a. b. c. The adjusted trial balance will be used to record the adjustments for the period

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