What is the journal entry for recording depreciation expense of $500?

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Question: What is the journal entry for recording depreciation expense of $500?

Options:

Correct Answer: Debit Depreciation Expense $500, Credit Accumulated Depreciation $500

Solution:

The correct journal entry for recording depreciation expense is to debit Depreciation Expense and credit Accumulated Depreciation.

What is the journal entry for recording depreciation expense of $500?

What is the journal entry for recording depreciation expense of $500?

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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