1) When an entry for depreciation is made what effect does it have on the financial statements?
2) What key book is the financial statement prepared from?
3) Do the unadjusted trial balance columns of a worksheet contain the account balances that appear on the financial statements?
4) What is the main or primary difference between deferred and accrued expenses?
5) The entry for depreciation has what overall effect on the financial statement?
6) Are assets, revenues and withdrawals increased by debits?
7) Do owner investments increase the assets and decrease the liabilities of a company?
8) Does a pre-paid expense recorded initially as an expense be adjusted by crediting the asset account?
A detailed response lies within this solution, including formulas/functions used to determine the results.