The reduction of the value of a fixed asset is called:

Download, complete and submit the following problem in the Excel template provided.   All information (transactions, problem instructions, etc.) are found in the Excel template. Accounting Test 5 Problems Template

Prepare a journal for the following transaction (Include a description): Dec. 11: Bought supplies on account from Christmas Time Inc.

The Statement of Owner’s Equity includes Assets, Liabilities & Owner’s Equity.

A business purchases a piece of equipment and identifies that the depreciation each year, using Straight Line Depreciation, will be $2000.  Write the journal entry the business would complete each year for the depreciation of the equipment.

Fees Earned and Sales are liability accounts.

Which of the following accounts would be found on the Balance Sheet:

Assets that last less than a year are called:

Cash, Supplies and Accounts Receivable are all asset accounts.

Prepare a journal for the following transaction (Include a description): Dec. 11: Paid rent for the month, $500.