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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
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 ExpenseEquipment, and credit $28,000 to Accumulated DepreciationEquipment.
C) Debit $28,000 to Depreciation Expense, and credit $28,000 to Equipment.
D) Debit $28,000 to Depreciation ExpenseEquipment, and credit $140,000 to Accumulated DepreciationEquipment.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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H3Ko Author
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7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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7 years ago
Happy to help Smiling Face with Open Mouth
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