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 depreciation expense.
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 a contra-asset.

Question

Quizplus · Accepted Answer

The entry to record depreciation expense involves a debit to Depreciation Expense and a credit to Accumulated Depreciation, which is a contra-asset account.

Which of the Following Statements Is True