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The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Depreciation Expense $12,000 Equipment $12,000 Accumulated Depreciation $12,000

The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Depreciation Expense $12,000 Equipment $12,000 Accumulated Depreciation $12,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information?

                                      JOURNAL                                                     Page     25

date

description

p.ref.

debit

CREDIT
 

Adjusting Entries

      

12/31

(1)

 

?

 

 

  (2)

 

 

?

 

Group of answer choices
Depreciation Expense $12,000
Equipment $12,000
Accumulated Depreciation $12,000
Depreciation Expense $36,000
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