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What will be the result if the adjusting entry to record the current periods depreciation on equipment is not recorded? O A.
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Answer #1

ANSWER : C ) Net income for the period will be overstated.

Journal entry for recording depreciation

Depreciation a/c ........ Dr. xxxx

To Accumulated depreciation a/c. xxxx

Income statement ......Dr. xxxx

To Depreciation a/c. xxxx

If depreciation of an asset is not recorded, then the income statement will be overstated by the amount of depreciation to be charged. And at the same time accumulated depreciation would be understated.

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