Question: What is the journal entry to record depreciation expense for a partnership?

Options:

1. Debit Depreciation Expense, Credit Accumulated Depreciation
2. Debit Accumulated Depreciation, Credit Depreciation Expense
3. Debit Depreciation Expense, Credit Cash
4. Debit Cash, Credit Depreciation Expense

Correct Answer: Debit Depreciation Expense, Credit Accumulated Depreciation

Solution:

The correct entry is to debit Depreciation Expense and credit Accumulated Depreciation to reflect the expense.