The adjusting entry for the depreciation of office equipment for the period includes
A) debiting Depreciation Expense-Office Equipment and crediting Office Equipment.
B) debiting Office Equipment and crediting Accumulated Depreciation-Office Equipment.
C) debiting Depreciation Expense-Office Equipment and crediting Accumulated Depreciation-Office Equipment.
D) debiting Office Equipment and crediting Depreciation Expense-Office Equipment.

Question

Quizplus · Accepted Answer

The adjusting entry for the depreciation of office equipment should be to debit Depreciation Expense-Office Equipment and credit Accumulated Depreciation-Office Equipment. This entry records the depreciation expense for the period (debit) and increases the accumulated depreciation account (credit), which represents the portion of the asset that has been used up over time. The other options are incorrect because they do not properly record the depreciation expense and/or the accumulated depreciation account.

The Adjusting Entry for the Depreciation of Office Equipment for the Period