When a company records depreciation it debits:
A)a liability account and credits Depreciation Expense.
B)Depreciation Expense and credits Cash.
C)Depreciation Expense and credits a contra-asset account.
D)a long-lived tangible asset account and credits Depreciation Expense.

Question

Quizplus · Accepted Answer

Depreciation is recorded as a debit to Depreciation Expense and credit to Accumulated Depreciation (a contra-asset account).

When a Company Records Depreciation It Debits