At the end of the current accounting period, Ringgold Co. recorded depreciation of $15,000 on its equipment.
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Question:
At the end of the current accounting period, Ringgold Co. recorded depreciation of $15,000 on its equipment. The effect of this entry on the company's balance sheet is to decrease:
Multiple Choice
- assets and increase liabilities.
- owner's equity and decrease assets.
- assets and increase owners' equity.
- owner's equity and increase liabilities.
Related Book For
Intermediate Accounting
ISBN: 978-0470616314
IFRS edition volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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