adaptive wileypus.com Mal ORION Accounting, 6e Practice-4.2: Prepare adjusting e

Question

adaptive wileypus.com Mal ORION Accounting, 6e Practice-4.2: Prepare adjusting entries for deferrals. - Practice Q4.40: Equipment was purchased by Meadows Manufacturing on January 1, 2016, for $75,000. Meadows' policy is to adjust its accounts at year-end. Which is the appropriate journal entry to record depreciation at year-end if the company expects to use equipment consistently for five years? In the choices below, as per convention, debits are listed first followed by credits. A Depreciation Expense -Equipment $15,00 Accumulated Depreciation- Equipment $15,000 B) Accumulated Depreciation Equipment $15,000 Equipment $15,000 CDepreciation Expense - Equipment $15,000 Equipment $15,000 D Accumulated Depreciation -Equipment $15,000 Depreciation Expense-Equipment $15,000 MacBook Air 17

Explanation / Answer

Answer is A:

Depreciation Expense - Equipment $15000

Accumulated Depreciation - Equipment $15000

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