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

Options:

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

Correct Answer: Debit Depreciation Expense, Credit Accumulated Depreciation

Solution:

The correct entry to record depreciation expense is to debit Depreciation Expense and credit Accumulated Depreciation.