Which of the following entries is correct to record depreciation expense of Assembly Department?
A) Debit: Work in Process-Assembly Credit: Finished Goods
B) Debit: Work in Process-Assembly Credit: Accumulated Depreciation
C) Debit: Finished Goods Credit: Work in Process-Assembly
D) Debit: Accumulated Depreciation Credit: Work in Process-Assembly

Question

Quizplus · Accepted Answer

Depreciation expense for assets used in production is recorded by debiting the Work in Process account to reflect the increase in production costs and crediting Accumulated Depreciation to account for the use of the asset over time.

Which of the Following Entries Is Correct to Record Depreciation