To record depreciation expense for the year for a motor vehicle. Cost was $50,000, residual value is estimated at $5,000, and useful life is estimated at 5 years. Straight line method is used. Please select the correct journal entry for it O Dr Dr O Dr Dr Cr Cr Motor vehicle Cr Depreciation expense Depreciation expense 45,000 Cr Cash Depreciation expense Motor vehicle Cash 10,000 Accumulated depreciation 9,000 45,000 9,000 10,000 9,000 9,000

To record depreciation expense for the year for a motor vehicle. Cost was $50,000, residual value is estimated at $5,000, and useful life is estimated at 5 years. Straight line method is used. Please select the correct journal entry for it O Dr Dr O Dr Dr Cr Cr Motor vehicle Cr Depreciation expense Depreciation expense 45,000 Cr Cash Depreciation expense Motor vehicle Cash 10,000 Accumulated depreciation 9,000 45,000 9,000 10,000 9,000 9,000

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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