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Title: A business purchased equipment for $140,000 on January 1, 2017. The equipment will be depreciated ... Post by: H3Ko on Aug 29, 2016 A business purchased equipment for $140,000 on January 1, 2017. The equipment will be depreciated over the five years of its estimated useful life using the straight-line depreciation method. The business records depreciation once a year on December 31. Which of the following is the adjusting entry required to record depreciation on equipment for the year 2017? (Assume the residual value of the acquired equipment to be zero.)
A) Debit $140,000 to Equipment, and credit $140,000 to Cash. B) Debit $28,000 to Depreciation ExpenseEquipment, and credit $28,000 to Accumulated DepreciationEquipment. C) Debit $28,000 to Depreciation Expense, and credit $28,000 to Equipment. D) Debit $28,000 to Depreciation ExpenseEquipment, and credit $140,000 to Accumulated DepreciationEquipment. Title: Re: A business purchased equipment for $140,000 on January 1, 2017. The equipment will be ... Post by: Mrgo-breed on Aug 29, 2016 Content hidden
Title: Re: A business purchased equipment for $140,000 on January 1, 2017. The equipment will be depreciated ... Post by: H3Ko on Oct 12, 2016 Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
Title: Re: A business purchased equipment for $140,000 on January 1, 2017. The equipment will be depreciated ... Post by: Mrgo-breed on Oct 16, 2016 Happy to help :D
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