a piece of equipment purchased cost $10,000 and has depreciation expense of $2,000 for this year. what is…

a piece of equipment purchased cost $10,000 and has depreciation expense of $2,000 for this year. what is the journal entry to record the depreciation expense for the year?

a piece of equipment purchased cost $10,000 and has depreciation expense of $2,000 for this year. what is the journal entry to record the depreciation expense for the year?

Answer

Explanation:

Step1: Understand journal - entry for depreciation

When recording depreciation expense, we debit the Depreciation Expense account to recognize the expense for the period and credit the Accumulated Depreciation account. The amount of depreciation expense for the year is given as $2,000.

Step2: Identify correct accounts and amounts

The Depreciation Expense - Equipment account is debited for the amount of depreciation expense ($2,000), and the Accumulated Depreciation - Equipment account is credited for the same amount ($2,000).

Answer:

Debit Depreciation Expense - Equipment $2,000; Credit Accumulated Depreciation - Equipment $2,000. So the correct option (assuming the options are not fully visible but based on the correct principle) is the one with Debit Depreciation Expense - Equipment for $2,000 and Credit Accumulated Depreciation - Equipment for $2,000.