AC2760: Week 3 Assignment
This assignment helps you apply your knowledge from this week’s modules
and readings.
Knowledge Check Questions
1. The balance sheet reports
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liabilities.
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revenue.
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expenses.
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net income.
2. The time an asset is expected to last is called its
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depreciation.
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fiscal period.
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net loss value.
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useful life.
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salvage value.
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depreciable cost.
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revenue.
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debit Supplies Expense, $150; credit Supplies, $150.
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debit Supplies Expense, $450; credit Supplies, $450.
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debit Supplies, $150; credit Supplies Expense, $150.
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debit Supplies, $450; credit Supplies Expense, $450.
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debiting Depreciation Expense—Office Equipment and crediting Office Equipment.
