61 when the adjustment is made for depreciation both the depreciation expense accoun 4303190


61) When the adjustment is made for depreciation, both the Depreciation Expense account and Accumulated Depreciation account are increased.


62) The amount of supplies used causes a decrease in Supplies and an increase in expense.


63) Unearned Revenue is a liability account used to record rent fees received in advance.


64) The amount for beginning inventory is needed when calculating Cost of Goods Sold.


65) Under the periodic inventory system, an adjustment is not made on the worksheet for inventory.

66) The beginning inventory is adjusted by crediting Merchandise Inventory and debiting Income Summary.


67) The ending inventory is adjusted by debiting Income Summary and crediting Merchandise Inventory.


68) Under the accrual system, revenue is recognized when earned.


69) Adjustments are journalized before recording them in the worksheet.


70) Under the accrual system, expenses are recorded when incurred.




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