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During the year, Ferguson made the following accounting entries to account for the depreciation charge relating to motor vehicles: Debit Accumulated depreciation – motor vehicles $5,000 Credit Depreciation expense – motor vehicles $5,000 What are the journal entries required to account correctly for the depreciation charge for motor vehicles for the year? A Debit Motor vehicles $5,000, and Credit Accumulated depreciation $5,000 B Debit Depreciation Expense $10,000, and Credit Accumulated depreciation $10,000 C Debit Depreciation expense $5,000, and Credit Accumulated depreciation $5,000 D Debit Accumulated depreciation $10,000, and Credit Depreciation expense $10,0

During the year, Ferguson made the following accounting entries to account for the depreciation charge relating to motor vehicles: Debit Accumulated depreciation – motor vehicles $5,000 Credit Depreciation expense – motor vehicles $5,000 What are the journal entries required to account correctly for the depreciation charge for motor vehicles for the year? A Debit Motor vehicles $5,000, and Credit Accumulated depreciation $5,000 B Debit Depreciation Expense $10,000, and Credit Accumulated depreciation $10,000 C Debit Depreciation expense $5,000, and Credit Accumulated depreciation $5,000 D Debit Accumulated depreciation $10,000, and Credit Depreciation expense $10,0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During the year, Ferguson made the following accounting entries to account for the

depreciation charge relating to motor vehicles:

Debit Accumulated depreciation – motor vehicles $5,000

Credit Depreciation expense – motor vehicles $5,000

What are the journal entries required to account correctly for the depreciation charge for

motor vehicles for the year?

A Debit Motor vehicles $5,000, and Credit Accumulated depreciation $5,000

B Debit Depreciation Expense $10,000, and Credit Accumulated depreciation $10,000

C Debit Depreciation expense $5,000, and Credit Accumulated depreciation $5,000

D Debit Accumulated depreciation $10,000, and Credit Depreciation expense $10,0

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