Which of the following statements is true?
A)The entry to record depreciation expense involves a credit to a liability.
B)The entry to record depreciation expense involves a credit to a contra-asset.
C)The entry to record depreciation expense involves a credit to the asset being depreciated.
D)The entry to record depreciation expense involves a credit to depreciation expense.

Question

Quizplus · Accepted Answer

The entry to record depreciation expense involves a debit to depreciation expense and a credit to accumulated depreciation (a contra-asset).

Which of the Following Statements Is True