Answered: The entry to record depreciation…

The entry to record depreciation includes a debit to the ________ account. A. Depreciation Expense B. Cash C. Equipment D. Accumulated Depreciation

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 14MC: What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to...

See similar textbooks

Related questions

Q: Which of the following would be typically added to the Adjustments column on a worksheet? A.…

Q: For each of the following statements indicate if the statement is true or false. In your answer book…

Q: Refer to the information shown in the table below. Each column in the table represents the…

A: The five depreciation method are as follows: 1. UOP: Unit of production method where depreciation is…

Q: 1. Following the depreciation example on page 7-5 of the VLN, determine Straight line depreciation…

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage ,…

Q: What adjusting journal entry is needed to record depreciation expense for the period? Group of…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: which metric is used as the profitability metric and explain what it evaluate?

A: Profitability Matric is somewhere helps to analyse the financial performance and financial position…

Q: Which account is debited and credited in the adjusting entry to allocate the cost of equipment?…

A: Adjusting entries are those entries which are prepared at the end of the accounting period for…

Q: Depreciation on machinery is debited to: A. Machinery a/c B. Profit and loss a/c C. Depreciation…

A: Golden Rules: Personal Account: Debit the Receiver, Credit the Giver Real Account: What comes in…

Q: The process of transferring the cost of an asset to an expense account over time is called O A)…

A: Property, plant, and equipment: These assets are long lived economic resources which are owned by…

Q: Describe the difference between depreciation and depletion.

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation…

A: Methods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset…

Q: Accumulated Depreciation a.is the same as Depreciation Expense b.is used to show the amount of cost…

A: Whenever fixed assets are purchased in business, then their value decreases over life of the asset.…

Q: Rapid prepares financial statements using the depreciation method that reports the highest net…

A: Definition: Straight-line depreciation method: The depreciation method which assumes that the…

Q: Select the correct entry to adjust the unadjusted trial balance for depreciation expense. Select…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Compare the property and equipment listed in the balance sheet with the list inNote 14. What are the…

A: Property plant and equipment refers to the assets of an enterprise which are crucial in the…

Q: dentify if it belongs to assets, liabilities or owner's equity? ▸ worthless receivable ▸ accrued…

A: Assets are resources that provide future economic benefits. liabilities are dues amount to be paid…

Q: What would be the adjusting entry to record depreciation each period? a. Debit Accumulated…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Accumulated Depreciation appears on the

A: The accumulated depreciation is deducted out of the purchase value of a company in order to arrive…

Q: Accumulated depreciation, equipment is reported: Select one: On the balance sheet as a subtraction…

A: Depreciation is the non cash expenditure which is charged in the income statement as per matching…

Q: Depreciation expense is a line account found in an account found in an SCI prepared following the…

A: Depreciation is the allocation of cost of asset over the useful life of the asset. It can be charged…

Q: In adjusted P & L account, depreciation on fixed assets will be [A] debited [B] credited [C]…

A: The Profit and Loss Adjustment Account is prepared to account for any error or omission; thus, these…

Q: What adjusting journal entry is needed to record depreciation expense for the period? A.a debit to…

A: Adjusting journal entry are entries which are made at the end of every accounting year to record the…

Q: accumulated depreciation equipment amount on the journalize adjusting entry

A: Solution:- Assets like buildings and equipment will provide productive benefits to a number of…

Q: Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost,…

A: Introduction:- Straight line depreciation is a common and simplest method of calculation…

Q: g the sale of machinery, which of the following do NOT appear in the journal entry? a. Cr Machinery…

A: When the sale of a fixed asset takes place the book value is compared to the sales value If the sale…

Q: 1. Following the depreciation example on page 7-7 of the VLN determine Activity based year 2…

A: Depreciation Expenses Calculation of Depreciation cost is important for the business which can be…

Q: determine Activity based year 2 accumulated depreciation_______

A: Depreciation is a method of spreading over the cost of the asset over the years in which the benefit…

Q: Identify the word or term being described in the sentences by matching the words or terms labeled A…

A: Adjusting entries are those journal entries which are passed at the end of the period in order to…

Q: Depletion of a natural resource us typically recorded as a. Debit to an invenrory account b.…

A: journal entry for depletion expense is - depletion expense account debit </p><p>…

Q: a. Match each of the principles and phases in the development of an accounting system with the…

A: Assets are any resource owned by an entity which provide future benefit. Tangible assets are those…

Q: dentify whether each of the following accounts would be considered a permanent account (yes/no) and…

A: Solution:- Particulars Permanent (yes / no) Recorded on financial…

Q: The following is an example of a contra account: Select one: Equipment Equipment expense Accounts…

A: Contra: If cash deposited in the bank it should be entered in the bank column on the debit side as…

Q: Property, Plant and Equipment 1. Statement 1: Carrying amount is the amount at which an asset is…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: preciation example on page 7-7 of the VLN determine Activity based year 2 accumulated…

A: Depreciation Expenses Calculation of Depreciation cost is important for the business which can be…

Q: nstruction: a) Journalize the above transactions using the perpetual method and make the necessary…

A: The transaction in which resources are exchanged between entities or between entity and individual,…

Q: Requirements 1 For each depreciation method, prepare a depreciation schedule showing asset cost,…

A: Solution:- Given, On 3 January 2017, Joe Campbell photography paid $224,000 for photo equipment.…

Q: Matching Type A. Intangible Assets B. Contra asset C. Allowance for doubtful Accounts D. Current…

A: Solution:- Accounting is the process of recording financial transactions along with classification ,…

Q: ness, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (A) Is it…

A: Depreciation : Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: a. Prepare journal entries to record each of the disposal transactions. Assume that depreciation…

A: Disposal of Assets It is important for the business to disposal of the assets which was outdated and…

Q: Answer the following questions: Required: a-1. Find the discussion of Property, Plant, and Equipment…

A: Business organizations are required to charge the depreciation expense on their assets so as to…

Q: Which of the following costs are reported on a company’s income statement and balance sheet? Select…

A: Solution: "Cost of goods sold; Accumulated depreciation" are reported on a company’s income…

Q: JFS Co. changed from straight-line to double-declining-balance depreciation. The journal entry to…

A: Depreciation is a way of declining the cost of assets over the useful life of assets, the company…

Question

The entry to record depreciation includes a debit to the ________ account.

Depreciation Expense

Cash

Equipment

Accumulated Depreciation

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Accumulated Depreciation, Equipment is reported a. on the income statement as an expense. b. on the balance sheet as an addition to total assets. c. on the income statement as a revenue. d. on the balance sheet as a subtraction from the related asset account.
On the work sheet, Accumulated Depreciation, Equipment would be recorded in which of the following columns? a. Adjusted Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Income Statement, Credit
Which of the following is the adjusting entry for depreciation on Equipment? Debit Depreciation Expense, Equipment and credit Equipment Debit Equipment and credit Depreciation Expense, Equipment Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment Debit Accumulated Depreciation, Equipment and credit Depreciation Expense, Equipment None of the above
Which of the following represents an event that is less routine when accounting for long-term assets? A. recording an asset purchase B. recording depreciation on an asset C. recording accumulated depreciation for an asset or asset category D. changing the estimated useful life of an asset
What would be the adjusting entry to record depreciation each period? a. Debit Accumulated Depreciation, Credit Depreciation Expense. b. Debit Depreciation Expense, Credit Equipment. c. Debit Equipment Expense, Credit Equipment. d. Debit Depreciation Expense, Credit Accumulated Depreciation.
When recording the depreciation of equipment in a journal entry using the straight-line method, what accounts are typically involved? A) Debit: Accumulated Depreciation; Credit: EquipmentB) Debit: Equipment; Credit: Depreciation ExpenseC) Debit: Accumulated Depreciation; Credit: Depreciation ExpenseD) Debit: Depreciation Expense; Credit: Equipment
Accumulated depreciation, equipment is reported: Select one: On the balance sheet as a subtraction from the related asset account On the income statement as an expense On the balance sheet as an addition to total assets On the income statement as revenue
How did they get the depreciation expense and the accumulated depreciation equipment amount on the journalize adjusting entry
What adjusting journal entry is needed to record depreciation expense for the period? A.a debit to Depreciation Expense; a credit to Cash B.a debit to Depreciation Expense; a credit to Accumulated Depreciation C.a debit to Accumulated Depreciation; a credit to Depreciation Expense D.a debit to Accumulated Depreciation; a credit to Cash
The accounting treatment for depreciation expense in the balance sheet will be:
The entry to record depreciation is an example of an adjusting entry: a. to apportion a recorded cost C. To record unrecorded expense b. to apportion unearned revenue D. To record unrecorded revenue
3. When depreciation expense is recorded each period, what account is debited? a.Depreciation Expense b.Cash c.Accumulated Depreciation d.The tangible capital asset account involved