adjusting entry to record depreciation expense accomplishes which of the following?
A) Decreases a liability and increases an expense
B) Decreases a liability and increases a revenue
C) Increases an asset and increases an expense
D) Increases a contra-asset and increases an expense

Question

Quizplus · Accepted Answer

Recording depreciation expense involves increasing the depreciation expense (which reduces net income) and increasing a contra-asset account (such as Accumulated Depreciation) which reduces the book value of the asset.

Adjusting Entry to Record Depreciation Expense Accomplishes Which of the Following