Homework Answers
Answer -
Debit Depreciation expense $ 255 and credit Accumulated depreciation $ 255.
Explanation -
Equipment = $ 15,300 on December 1.
Annual Depreciation = $ 3060
Depreciation for the year ending December 31. =
Depreciation for the period from 1 Dec to 31 Dec = for 1 month
= Annual Depreciation / 12
= $ 3060 / 12
= $ 255.
Entry will be =
Depreciation expense. Debit. $ 255
Accumulated Depreciation credit. $ 255
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