ANSWER TRUE OR FALSE:

15-The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25.

16-.outstanding checks are checks that the company has written and distributed, yet the bank paid and o deducted from the customer's bank account during the month.

17-A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement.

18-A company borrowed $10,000 by signing a six month promissory note at 5% interest. The total amount of interest is $25.

19-After adjustment, the balance in the Allowance for Doubtful Accounts has the effect of reducing Accounts Receivable to its estimated realizable value.

20- The matching principle requires use of the direct write-off method of accounting for bad debts.

21-if land is purchased as a building site, the cost of removing existing structures is charged to the Land account .

22-Plant Assets are used in everyday operations of the business and have useful lives that extend over more than one accounting period

23-the process of allocating the cost of a plant asset to expense in the accounting periods benefiting from its use.

24- Total depreciation expense over an asset's useful life will be identical under depreciation .

25- Total depreciation expense over an asset's useful life will be identical under depreciation .

26-Depreciation is higher and income is lower in the short run when using accelerated vet line methods.