Sokolov Company purchased a computer for $3,000 on January 1, Year 1. The computer is estimated to have a 5-year useful life and a S500 salvage value. What adjusting entry would Sokolov record on December 31, Year 1 to recognize expense related to use of the computer? A) Depreciation Expense 600 Accumulated Depreciation 600 B) Depreciation Expense 500 Computer 500 Depreciation Expense 500 Accumulated Depreciation 500 D) Accumulated Depreciation 500 Depreciation Expense 500

Sokolov Company purchased a computer for $3,000 on January 1, Year 1. The computer is estimated to have a 5-year useful life and a S500 salvage value. What adjusting entry would Sokolov record on December 31, Year 1 to recognize expense related to use of the computer? A) Depreciation Expense 600 Accumulated Depreciation 600 B) Depreciation Expense 500 Computer 500 Depreciation Expense 500 Accumulated Depreciation 500 D) Accumulated Depreciation 500 Depreciation Expense 500

Name: Sokolov Company purchased a computer for $3,000 on January 1, Year 1.
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Description: Sokolov Company purchased a computer for $3,000 on January 1, Year 1. The computer is estimated tohave a 5-year useful life and a $500 salvage value. What adjusting entry would Sokolov record onDecember 31, Year 1 to recognize expense related to use

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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