Which of the following entries records the depreciation on equipment for the fiscal year-end adjustment?
A) Debit Accumulated Depreciation;credit Depreciation Expense
B) Debit Depreciation Expense;credit Equipment
C) Debit Depreciation Expense;credit Accumulated Depreciation
D) Debit Depreciation;credit Depreciation Expense

Question

Quizplus · Accepted Answer

This entry records the depreciation on equipment for the fiscal year-end adjustment. It increases the expense account (Depreciation Expense) and decreases the contra asset account (Accumulated Depreciation).

Which of the Following Entries Records the Depreciation on Equipment