In preparing an adjusting entry for depreciation, an accountant debited depreciation expense and credited accumulated depreciation $500. The adjusting entry means (i) the value of the equipment decreased by $500, (ii) future periods will not benefit from the use of the equipment.

Question

Quizplus · Accepted Answer

The Answer of In preparing an adjusting entry for depreciation, an accountant debited depreciation expense and credited accumulated depreciation $500. The adjusting entry means (i) the value of the equipment decreased by $500, (ii) future periods will not benefit from the use of the equipment.

In Preparing an Adjusting Entry for Depreciation, an Accountant Debited