Company X recently purchased $16,800 of new office furniture for the accounting

Question

Company X recently purchased $16,800 of new office furniture for the accounting department. Assuming a useful life of 7 years with no salvage value, what is the journal entry that would be required to record the first month's straight-line depreciation expense? JE: Debit Credit Company X recently purchased $16,800 of new office furniture for the accounting department. Assuming a useful life of 7 years with no salvage value, what is the journal entry that would be required to record the first month's straight-line depreciation expense? JE: Debit Credit

Explanation / Answer

Depreciation expense = Cost of furniture / Useful life = $16,800 / 7 = $2,400

General Journal Debit Credit Depreciation expense $2,400 Accumulated Depreciation $2,400

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