This Question: 6 pts 10 of 11 (2 complete) This Quiz: 100 pts possible Question

Question

This Question: 6 pts 10 of 11 (2 complete) This Quiz: 100 pts possible Question Help * The following extract was taken from the worksheet of Special Events Bakers for the year 2019. Special Events Bakers December 31, 2019 Unadjusted Trial Balance Adjusted Trial Balance Credit Credit Debit $6,400 15,000 Debit Cash Equipment Accumulated Depreciation Equipment $6,400 15,000 $7,700 $10,000 For the above information, determine the amount of Depreciation Expense for the equipment used in the business. O A. $5,000 B. $3.600 C. $10,000 O D. $2.300

Explanation / Answer

Answer: Option D. $2,300

The adjusting journal entry for depreciation expense will debit Depreciation Expense account and credit the Accumulated Depreciation-Equipment account. The Depreciation Expense for the equipment is thus the difference between the balance in the Accumulated Depreciation-Equipment account in the adjusted trial balance and the unadjusted trial balance. Thus, Depreciation Expense = $10,000 - $7,700 = $2,300.

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