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(Solved by Expert Tutors) Jerome Boland works for Sea Biscuit Company. He and Virginia Klotz, his


for annual financial statements. Jerome Boland computes depreciation and records it as follows: Depreciation Expense?Equipment . . . . . . . . 123,000 Accumulated Depreciation?Equipment . . . . . . . . . . 123,000 Virginia Klotz agrees with his computation but says the credit entry should be directly to the Equipment account. Virginia Klotz states the following: "while accumulated depreciation is technically correct, it is less hassle not to use a contra account and just credit the Equipment account directly and besides, the balance sheet shows the same amount for total assets under either method.? >>Discuss in depth what Virginia Klotz wants to do (i.e. your thoughts on her view? how should Jerome respond?

 


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Apr 19, 2020

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