Depreciation: Straight Line Video Lessons

Video Thumbnail

Concept

Problem: On January 1, A Company purchased an oven for $2,000. The oven was expected to last five years and has no salvage value. The adjusting entry made on December 31, to record the depreciation of the oven for one year is: a. Dr Depreciation expense        400       Cr Accumulated depreciation 400 b. Dr Depreciation expense        400       Cr Equipment                         400 c. Dr Accumulated depreciation  400      Cr Depreciation expense        400 d. Dr Depreciation expense        500      Cr Accumulated depreciation  500

FREE Expert Solution
Problem Details

On January 1, A Company purchased an oven for $2,000. The oven was expected to last five years and has no salvage value. The adjusting entry made on December 31, to record the depreciation of the oven for one year is:

a. Dr Depreciation expense        400       Cr Accumulated depreciation 400

b. Dr Depreciation expense        400       Cr Equipment                         400

c. Dr Accumulated depreciation  400      Cr Depreciation expense        400

d. Dr Depreciation expense        500      Cr Accumulated depreciation  500

Frequently Asked Questions

What scientific concept do you need to know in order to solve this problem?

Our tutors have indicated that to solve this problem you will need to apply the Depreciation: Straight Line concept. You can view video lessons to learn Depreciation: Straight Line. Or if you need more Depreciation: Straight Line practice, you can also practice Depreciation: Straight Line practice problems.

What is the difficulty of this problem?

Our tutors rated the difficulty ofOn January 1, A Company purchased an oven for $2,000. The ov...as low difficulty.