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Peregrine Exam: Accounting Review Quiz with Complete Solutions $10.49   Add to cart

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Peregrine Exam: Accounting Review Quiz with Complete Solutions

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Peregrine Exam: Accounting Review Quiz with Complete SolutionsPeregrine Exam: Accounting Review Quiz with Complete SolutionsPeregrine Exam: Accounting Review Quiz with Complete SolutionsPeregrine Exam: Accounting Review Quiz with Complete Solutions 1. Accounts Receivable is a(n) ________ account a...

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  • November 7, 2024
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  • 2024/2025
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NursingTutor1
Peregrine Exam: Accounting Review
Quiz with Complete Solutions
1. Accounts Receivable is a(n) ________ account and has a normal ________ balance.

Options:
- Liability; debit
- Asset; debit
- Liability; credit
- Asset; credit - ANSWER-- Asset; debit

Prepaid Rent is a(n) ________ account and has a normal ________ balance.

Options:
- Liability; debit
- Asset; debit
- Liability; credit
- Asset; credit - ANSWER-- Asset; debit

$100,000, 5 year asset, with a $13,500 salvage value.
What is the depreciable cost?

Options:
- $86,500
- $100,000
- $113,500
- $0 - ANSWER-- $86,500

All of the following are depreciable assets except for:

Options:
- Truck
- Equipment
- Computer
- Land - ANSWER-- Land

A business purchases equipment for $8,000 cash. Which of the following accounts is
credited?

Options:
- Prepaid Equipment
- Common Stock
- Accounts Payable

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