Question

please help!

If a fixed asset, such as a computer, were purchased on January 1 for $1,702 with an estimated life of 6 years and a salvage or residual value of $202, the journal entry for monthly expense under straight-line depreciation is 250.00 250.00 20.83 20.83 Oa. Depreciation Expense Accumulated Depreciation Ob. Depreciation Expense Accumulated Depreciation c. Accumulated Depreciation Depreciation Expense d. Accumulated Depreciation Depreciation Expense 250.00 250.00 20.83 20.83

Answer 1

Answer:
a)	Depreciation expense	250
	Accumulated Depreciation		250
Amount = (1702-202)/6 = $250 (on straight line)
Depreciation expense is an expense so debited
Acc. Depreciation is an liability so credited