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What is the journal entry for recording depreciation expense of $500?
What is the journal entry for recording depreciation expense of $500?
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What is the journal entry for recording depreciation expense of $500?
Debit Depreciation Expense $500, Credit Accumulated Depreciation $500
Debit Accumulated Depreciation $500, Credit Depreciation Expense $500
Debit Depreciation Expense $500, Credit Cash $500
Debit Cash $500, Credit Depreciation Expense $500
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The correct journal entry for recording depreciation expense is to debit Depreciation Expense and credit Accumulated Depreciation.
Questions & Step-by-step Solutions
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Q: What is the journal entry for recording depreciation expense of $500?
Solution:
The correct journal entry for recording depreciation expense is to debit Depreciation Expense and credit Accumulated Depreciation.
Steps: 5
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Step 1: Identify the amount of depreciation expense to record, which is $500.
Step 2: Prepare to make a journal entry. You will need to debit one account and credit another.
Step 3: Debit the 'Depreciation Expense' account by $500. This shows that the expense has increased.
Step 4: Credit the 'Accumulated Depreciation' account by $500. This shows that the total depreciation on the asset has increased.
Step 5: Write the journal entry as: Debit Depreciation Expense $500, Credit Accumulated Depreciation $500.
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