the Accounting Cycle
In the unadjusted trial balance of its worksheet for the year
ended December 31, 2020, Knox Company reported Equipment of
$120,000. The year-end adjusting entries require an adjustment of
Practice Multiple-Choice Questions
Completing the Accounting Cycle
$15,000 for depreciation expense for the equipment. After the adjusted trial balance is completed, what amount should be shown in
the financial statement columns?
a. A debit of $105,000 for Equipment in the balance sheet
b. A credit of $15,000 for Depreciation Expense in the income
c. A debit of $120,000 for Equipment in the balance sheet
d. A debit of $15,000 for Accumulated Depreciation—
Equipment in the balance sheet column.