Question

If the estimated amount of depreciation on equipment for a period is $3,500, the adjusting entry to record depreciation would be

Answer 1

The adjusting entry to record depreciation would be a debit to the Depreciation Expense account and a credit to the Accumulated Depreciation account.

Step-by-step explanation:

The adjusting entry to record depreciation would be a debit to the Depreciation Expense account and a credit to the Accumulated Depreciation account. Since the estimated amount of depreciation on equipment for the period is $3,500, the adjusting entry would be:

Depreciation Expense - $3,500 (debit)

Accumulated Depreciation - $3,500 (credit)