The adjusting entry to record the depreciation of a building for the fiscal period is
A) debit Depreciation Expense; credit Building
B) debit Depreciation Expense; credit Accumulated Depreciation
C) debit Accumulated Depreciation; credit Depreciation Expense
D) debit Building; credit Depreciation Expense

Question

Quizplus · Accepted Answer

Depreciation is recorded by debiting Depreciation Expense and crediting Accumulated Depreciation. Option A debits the wrong account, Option C debits the wrong account and credits the wrong account, and Option D credits the wrong account.

The Adjusting Entry to Record the Depreciation of a Building