As of the beginning of the year, the company had equipment totaling $900,000 which was depreciated at $75,000 per year. If the company makes the appropriate adjusting entry at year end, which of the following is one part of the journal entry that will be made?

Question

Quizplus · Accepted Answer

Depreciation expense is increased to record the annual depreciation of the equipment. This reflects the usage or wear and tear of the equipment over the year.

As of the Beginning of the Year, the Company Had