The journal entry to record depreciation expense is: O A. debit the asset account, credit Accumulated Depreciation. O B. debit Accumulated Depreciation, credit the asset account. C. debit Depreciation Expense, credit the asset account.

Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill

-record depreciation expense

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what type of account accumulated depreciation? and depreciation expense is and on what statement each account goes?

When recording the depreciation of equipment in a journal entry using the straight-line method, what accounts are typically involved? A) Debit: Accumulated Depreciation; Credit: EquipmentB) Debit: Equipment; Credit: Depreciation ExpenseC) Debit: Accumulated Depreciation; Credit: Depreciation ExpenseD) Debit: Depreciation Expense; Credit: Equipment

Accumulated depreciation, equipment is reported:  Select one: On the balance sheet as a subtraction from the related asset account On the income statement as an expense On the balance sheet as an addition to total assets On the income statement as revenue

What would be the adjusting entry to record depreciation each period?   a. Debit Accumulated Depreciation, Credit Depreciation Expense.   b. Debit Depreciation Expense, Credit Equipment.   c. Debit Equipment Expense, Credit Equipment.   d. Debit Depreciation Expense, Credit Accumulated Depreciation.

Pauly Corporation owns 70% of Shore Company's outstanding common stock. On 01/01/20, Pauly sold a used piece of equipment to Shore in exchange for $271,000 cash. Pauly's original cost of the equipment was $837,000 and accumulated depreciation at 01/01/20 was $635,000. The remaining life of the equipment is 10 years, and Shore will use that same useful life. Both companies use the straight-line method of depreciation. REQUIRED: ANSWER THE FOLLOWING QUESTIONS RELATED TO THE REQUIRED YEAR-END CONSOLIDATION ENTRY: NOTE: BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. DEBIT TO 'GAIN ON SALE' IN THE AMOUNT OF:

The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed: A. book value B. contra asset C. liability D. market value book value