Hardy Company purchased a computer for P4,800 on December 1. It is estimated that annual depreciation on the computer will be P960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Debit Depreciation Expense, P960; Credit Accumulated Depreciation, P960. Debit Depreciation Expense, P80; Credit Accumulated Depreciation, P80. Debit Depreciation Expense, P3,840; Credit Accumulated Depreciation, P3,840. Debit Office Equipment, P4,800; Credit Accumulated Depreciation, P4,800.
Hardy Company purchased a computer for P4,800 on December 1. It is estimated that annual depreciation on the computer will be P960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Debit Depreciation Expense, P960; Credit Accumulated Depreciation, P960. Debit Depreciation Expense, P80; Credit Accumulated Depreciation, P80. Debit Depreciation Expense, P3,840; Credit Accumulated Depreciation, P3,840. Debit Office Equipment, P4,800; Credit Accumulated Depreciation, P4,800.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...
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