The estimated amount of depreciation on office equipment for the current year is $3,500. The correct adjusting entry to record this depreciation is
A) debit Depreciation Expense, $3,500; credit Office Equipment, $3,500
B) debit Accumulated Depreciation-Office Equipment, $3,500; credit Office Equipment, $3,500
C) debit Depreciation Expense, $3,500; credit Accumulated Depreciation-Office Equipment, $3,500
D) debit Office Equipment, $3,500; credit Depreciation Expense, $3,500

Question

Quizplus · Accepted Answer

Depreciation expense is recorded by debiting the Depreciation Expense account and crediting the Accumulated Depreciation account for the asset, not by directly reducing the asset's cost account.

The Estimated Amount of Depreciation on Office Equipment for the Current