BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Harris Company purchased equipment for ₱15, 000 on December 1. It is estimated that annual depreciation on the computer will be ₱3, 000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:
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debit Depreciation Expense, ₱3, 000; credit Accumulated Depreciation, ₱3, 000.
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debit Depreciation Expense, ₱250; credit Accumulated Depreciation, ₱250.
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debit Depreciation Expense, ₱12, 000; credit Accumulated Depreciation, ₱12, 000.
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debit Equipment, ₱15, 000; credit Accumulated Depreciation, ₱15, 000.
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Explanation:
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