Asked by sripriya jakkula on Apr 27, 2024
Verified
The estimated amount of depreciation on office equipment for the current year is $3,500. The correct adjusting entry to record this depreciation is
A) debit Depreciation Expense, $3,500; credit Office Equipment, $3,500
B) debit Accumulated Depreciation-Office Equipment, $3,500; credit Office Equipment, $3,500
C) debit Depreciation Expense, $3,500; credit Accumulated Depreciation-Office Equipment, $3,500
D) debit Office Equipment, $3,500; credit Depreciation Expense, $3,500
Accumulated Depreciation
The total amount of depreciation that has been recorded for an asset up to a specific point in time, reflecting its use and wear over time.
Office Equipment
Tangible items used in an office environment for operations, including computers, printers, and furniture, often subject to depreciation.
- Determine the appropriate account to debit and credit for different adjusting entries.
Verified Answer
ND
Naree DachruchaApr 30, 2024
Final Answer :
C
Explanation :
The adjusting entry for depreciation is a debit to Depreciation Expense and a credit to Accumulated Depreciation. Option C matches this format, so it is the correct answer. Option A is incorrect because it debits Office Equipment, which is not affected by the adjusting entry. Option B is incorrect because it only credits Office Equipment, but does not debit an expense account. Option D is incorrect because it incorrectly debits Office Equipment instead of Depreciation Expense.
Learning Objectives
- Determine the appropriate account to debit and credit for different adjusting entries.