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Which of the following is a correct entry for recording depreciation expense of
Which of the following is a correct entry for recording depreciation expense of $2,000?
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Practice Questions
1 question
Q1
Which of the following is a correct entry for recording depreciation expense of $2,000?
Debit Depreciation Expense $2,000, Credit Accumulated Depreciation $2,000
Debit Accumulated Depreciation $2,000, Credit Depreciation Expense $2,000
Debit Depreciation Expense $2,000, Credit Cash $2,000
Debit Cash $2,000, Credit Depreciation Expense $2,000
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The correct entry is to debit Depreciation Expense and credit Accumulated Depreciation.
Questions & Step-by-step Solutions
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Q
Q: Which of the following is a correct entry for recording depreciation expense of $2,000?
Solution:
The correct entry is to debit Depreciation Expense and credit Accumulated Depreciation.
Steps: 4
Show Steps
Step 1: Understand that depreciation expense is the cost of using an asset over time.
Step 2: Know that when recording depreciation, you need to make two entries: one for the expense and one for the accumulated depreciation.
Step 3: Debit the Depreciation Expense account by $2,000. This increases the expense on the income statement.
Step 4: Credit the Accumulated Depreciation account by $2,000. This increases the total depreciation on the balance sheet.
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