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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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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