Which of the following applies to both the depreciation expense account and the accumulated depreciation account at the end of the first year of operations?

Question

Quizplus · Accepted Answer

Both the depreciation expense account and the accumulated depreciation account would have been adjusted at the end of the first year of operations, so they would appear in a trial balance prepared after the adjusting entries but before the closing entries. The depreciation expense account would have been debited for the amount of depreciation expense incurred during the year, and the accumulated depreciation account would have been credited for the same amount to reflect the total amount of accumulated depreciation on the asset(s) being depreciated. These accounts are not closed at the end of the accounting period as they are needed for subsequent years' depreciation calculations.

Which of the Following Applies to Both the Depreciation Expense