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4. Which of the following accounts is considered a contra account

Resolved Question:

4. Which of the following accounts is considered a contra account? A) accumulated depreciation
B) accounts receivable
C) notes payable
D) buildings

Fiber-Optics Company had an office supplies inventory of $800 at the end of its first year of operation. Office supplies costing $3,000 had been purchased during the year. What is the amount of office supplies expense for the year?
A) $ 800
B) $2,200
C) $3,000
D) $3,800

ACE Company sells insurance policies to customers who pay the entire premium in advance. Which of the following adjustments is necessary when ACE has earned one-half of a customer's prepaid insurance premium?
A) increase Unearned Revenue
B) increase Cash
C) increase Insurance Revenue
D) increase Insurance Expense
Submitted: 6 years ago.
Category: Finance
Expert:  JKCPA replied 6 years ago.

Thanks for the questions.

4. A) accumulated depreciation
5. B) $2,200
6. C) increase Insurance Revenue

Hope this helps!
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