The journal entry to record $2,750 of depreciation expense for the year would be to:
A)debit Depreciation Expense, $2,750; credit Equipment, $2,750.
B)debit Accumulated Depreciation, $2,750; credit Depreciation Expense, $2,750.
C)debit Accumulated Depreciation, $2,750; credit Equipment, $2,750.
D)debit Depreciation Expense, $2,750; credit Accumulated Depreciation, $2,750.

Question

Quizplus · Accepted Answer

Depreciation expense is an account that represents the cost of the asset that has been used up or consumed during the period. The journal entry to record depreciation expense is to debit Depreciation Expense account and credit Accumulated Depreciation account which shows the total amount of depreciation expense that has been recorded to date. Therefore, the correct option is D, debit Depreciation Expense, $2,750; credit Accumulated Depreciation, $2,750.

The Journal Entry to Record $2,750 of Depreciation Expense for the Year