Question

Demonstrate your knowledge of a depreciation adjusting entry by completing the following sentence. A depreciation adjustment would include a debit to _________(depreciation expense/accumulated depreciation/building) and _________(debit/credit) to ____________(depreciation expense/accumulated depreciation/building).

Answer 1

Answer:

1. Depreciation Expense 2.Credit 3. Accumulated Depreciation

Explanation:

Depreciation is an expense. An increase in expense is always recorded as Debit.

Accumulated Depreciation is an allowance or reserve account which is credited till the time asset is in use.