Homework SourseBarga company purchases 20000 of equipment on January 1 2015
Barga company purchases $20,000 of equipment on January 1, 2015. The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the entry to record one year’s depreciation expense of $3,600 for the equipment as of December 31, 2015
Barga company purchases $20,000 of equipment on January 1, 2015. The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the entry to record one year’s depreciation expense of $3,600 for the equipment as of December 31, 2015
Solution
Answer
Journal Entries to record depreciation expense
| Debit | Credit | |
| Depreciation expense | 3600 | |
| Accumulated Depreciation | 3600 |
