Which of the following is the adjusting entry for depreciation on Equipment? Debit Depreciation Expense, Equipment and credit Equipment Debit Equipment and credit Depreciation Expense, Equipment Debit Depreciation Expense, Equipment and credit Accumulated Depreciation , Equipment Debit Accumulated Depreciation, Equipment and credit Depreciation Expense, Equipment None of the above

Question

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Answer 1

Textbook Question

Chapter 11, Problem 1QY

Which of the following is the adjusting entry for depreciation on Equipment?

Debit Depreciation Expense, Equipment and credit Equipment
Debit Equipment and credit Depreciation Expense, Equipment
Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment
Debit Accumulated Depreciation, Equipment and credit Depreciation Expense, Equipment
None of the above

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Identify the adjusting entry for depreciation on equipment.

Answer to Problem 1QY

c. Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment

Explanation of Solution

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

Record the adjusting entry for depreciation on equipment.

Date	Account Title and explanation	Debit ($)	Credit ($)
	Depreciation expenses, Equipment	XXX
	Accumulated depreciation, Equipment		XXX
	(To record the depreciation on equipment )

Table (1)

Depreciation expense (expense) is a component of stockholders equity and it is increased. Therefore, debit the depreciation expenses.
Accumulated depreciation is a contra asset account and it is decreased. Therefore, credit the accumulated depreciation.

Conclusion

Therefore, from the above given explanation it is observed that Option c (Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment) is the correct answer and other options a, b, d and e are incorrect answers.

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Students have asked these similar questions

Which of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.

The following is an example of a contra account: Select one: Equipment Equipment expense Accounts payable Accumulated depreciation

Accumulated depreciation, equipment is reported: Select one: On the balance sheet as a subtraction from the related asset account On the income statement as an expense On the balance sheet as an addition to total assets On the income statement as revenue

Answer 2

Textbook Question

Chapter 11, Problem 1QY

Which of the following is the adjusting entry for depreciation on Equipment?

Debit Depreciation Expense, Equipment and credit Equipment
Debit Equipment and credit Depreciation Expense, Equipment
Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment
Debit Accumulated Depreciation, Equipment and credit Depreciation Expense, Equipment
None of the above

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Identify the adjusting entry for depreciation on equipment.

Answer to Problem 1QY

c. Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment

Explanation of Solution

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

Record the adjusting entry for depreciation on equipment.

Date	Account Title and explanation	Debit ($)	Credit ($)
	Depreciation expenses, Equipment	XXX
	Accumulated depreciation, Equipment		XXX
	(To record the depreciation on equipment )

Table (1)

Depreciation expense (expense) is a component of stockholders equity and it is increased. Therefore, debit the depreciation expenses.
Accumulated depreciation is a contra asset account and it is decreased. Therefore, credit the accumulated depreciation.

Conclusion

Therefore, from the above given explanation it is observed that Option c (Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment) is the correct answer and other options a, b, d and e are incorrect answers.

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Answer 3

Textbook Question

Chapter 11, Problem 1QY

Which of the following is the adjusting entry for depreciation on Equipment?

Debit Depreciation Expense, Equipment and credit Equipment
Debit Equipment and credit Depreciation Expense, Equipment
Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment
Debit Accumulated Depreciation, Equipment and credit Depreciation Expense, Equipment
None of the above

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Identify the adjusting entry for depreciation on equipment.

Answer to Problem 1QY

c. Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment

Explanation of Solution

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

Record the adjusting entry for depreciation on equipment.

Date	Account Title and explanation	Debit ($)	Credit ($)
	Depreciation expenses, Equipment	XXX
	Accumulated depreciation, Equipment		XXX
	(To record the depreciation on equipment )

Table (1)

Depreciation expense (expense) is a component of stockholders equity and it is increased. Therefore, debit the depreciation expenses.
Accumulated depreciation is a contra asset account and it is decreased. Therefore, credit the accumulated depreciation.

Conclusion

Therefore, from the above given explanation it is observed that Option c (Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment) is the correct answer and other options a, b, d and e are incorrect answers.

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Answer 4

Textbook Question

Chapter 11, Problem 1QY

Which of the following is the adjusting entry for depreciation on Equipment?

Debit Depreciation Expense, Equipment and credit Equipment
Debit Equipment and credit Depreciation Expense, Equipment
Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment
Debit Accumulated Depreciation, Equipment and credit Depreciation Expense, Equipment
None of the above

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Identify the adjusting entry for depreciation on equipment.

Answer to Problem 1QY

c. Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment

Explanation of Solution

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

Record the adjusting entry for depreciation on equipment.

Date	Account Title and explanation	Debit ($)	Credit ($)
	Depreciation expenses, Equipment	XXX
	Accumulated depreciation, Equipment		XXX
	(To record the depreciation on equipment )

Table (1)

Depreciation expense (expense) is a component of stockholders equity and it is increased. Therefore, debit the depreciation expenses.
Accumulated depreciation is a contra asset account and it is decreased. Therefore, credit the accumulated depreciation.

Conclusion

Therefore, from the above given explanation it is observed that Option c (Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment) is the correct answer and other options a, b, d and e are incorrect answers.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Identify the adjusting entry for depreciation on equipment.

Answer to Problem 1QY

c. Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment

Explanation of Solution

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

Record the adjusting entry for depreciation on equipment.

Date	Account Title and explanation	Debit ($)	Credit ($)
	Depreciation expenses, Equipment	XXX
	Accumulated depreciation, Equipment		XXX
	(To record the depreciation on equipment )

Table (1)

Depreciation expense (expense) is a component of stockholders equity and it is increased. Therefore, debit the depreciation expenses.
Accumulated depreciation is a contra asset account and it is decreased. Therefore, credit the accumulated depreciation.

Conclusion

Therefore, from the above given explanation it is observed that Option c (Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment) is the correct answer and other options a, b, d and e are incorrect answers.

Answer 8

Expert Solution & Answer

To determine

Identify the adjusting entry for depreciation on equipment.

Answer to Problem 1QY

c. Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment

Explanation of Solution

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

Record the adjusting entry for depreciation on equipment.

Date	Account Title and explanation	Debit ($)	Credit ($)
	Depreciation expenses, Equipment	XXX
	Accumulated depreciation, Equipment		XXX
	(To record the depreciation on equipment )

Table (1)

Depreciation expense (expense) is a component of stockholders equity and it is increased. Therefore, debit the depreciation expenses.
Accumulated depreciation is a contra asset account and it is decreased. Therefore, credit the accumulated depreciation.

Conclusion

Therefore, from the above given explanation it is observed that Option c (Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment) is the correct answer and other options a, b, d and e are incorrect answers.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Identify the adjusting entry for depreciation on equipment.

Answer 12

Answer to Problem 1QY

c. Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment

Answer 13

Explanation of Solution

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

Record the adjusting entry for depreciation on equipment.

Date	Account Title and explanation	Debit ($)	Credit ($)
	Depreciation expenses, Equipment	XXX
	Accumulated depreciation, Equipment		XXX
	(To record the depreciation on equipment )

Table (1)

Depreciation expense (expense) is a component of stockholders equity and it is increased. Therefore, debit the depreciation expenses.
Accumulated depreciation is a contra asset account and it is decreased. Therefore, credit the accumulated depreciation.

Answer 14

Conclusion

Therefore, from the above given explanation it is observed that Option c (Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment) is the correct answer and other options a, b, d and e are incorrect answers.

Answer 15

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