Office supplies are purchased with cash at a cost of $250.00.Which of the follow

Question

Office supplies are purchased with cash at a cost of $250.00.Which of the following represents an accurate record of the transaction?
a. credit cash/debit office supplies
b. debit cash/credit office supplies
c. credit cash/credit office supplies
d. debit cash/debit office supplies

Using the straight line method, calculate the annual depreciation expense for an asset that cost @25,000 and is expected to be used for 5 years, with a residual value of $2,000.
a. $4,000.00
b. $2,000.00
c. $2,300.00
d. $4,6000.00

Explanation / Answer

a

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