The adjusting entry to record Depreciation expense accomplishes which of the following?
A)Updates a contra asset
B)Records an expense
C)Updates a liability
D)Both A and B

Name: The adjusting entry to record Depreciation expense accomplishes which of the following? A)Updates a contra asset B)Records an expense C)Updates a liability D)Both A and B
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

The adjusting entry for depreciation expense updates the contra asset account (Accumulated Depreciation) and records an expense (Depreciation Expense).

The Adjusting Entry to Record Depreciation Expense Accomplishes Which of the Following