In January a company purchased equipment with a cost of $36,000. The company det

Question

In January a company purchased equipment with a cost of $36,000. The company determined that $100 represents the cost of equipment use each month. What is the required adjusting journal entry which should be made at the end of each month? Answer Debit depreciation expense $100; Credit equipment $100. Debit depreciation expense $100; Credit cash $100. Debit depreciation expense $100; Credit accumulated depreciation $100. Debit equipment $100; Credit depreciation expense $100. In January a company purchased equipment with a cost of $36,000. The company determined that $100 represents the cost of equipment use each month. What is the required adjusting journal entry which should be made at the end of each month? Debit depreciation expense $100; Credit equipment $100. Debit depreciation expense $100; Credit cash $100. Debit depreciation expense $100; Credit accumulated depreciation $100. Debit equipment $100; Credit depreciation expense $100. Debit depreciation expense $100; Credit equipment $100. Debit depreciation expense $100; Credit cash $100. Debit depreciation expense $100; Credit accumulated depreciation $100. Debit equipment $100; Credit depreciation expense $100.

Explanation / Answer

Debit depreciation expense $100; Credit equipment $100

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