Vaughn Manufacturing purchased equipment for $15300 on December 1. It is estimated that annual depreciation on the computer will be $3060.
If financial statements are to be prepared on December 31, the company should make the following adjusting entry:
A) debit Depreciation Expense, $250, credit Accumulated Depreciation, $250.
B) debit Depreciation Expense, $3,060: credit Accumulated Depreciation, $3,060.
C) debit Equipment, $15,300: credit Accumulated Depreciation, $15,300.
D) debit Depreciation Expense, $12,240: ccredit Accumulated Depreciation, $12,240.
E) None of the above.
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