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

Question

Quizplus · Accepted Answer

The entry to record depreciation expense involves a debit to Depreciation Expense (to increase that expense account)and a credit to Accumulated Depreciation (to increase that contra-asset account.

Which of the Following Statements About the Entry to Record