Accounting for IGCSE & O level - Accounting Procedures (Section 8 - No. 32)

Which statement best describes the journal entry to record depreciation expense?

Debit Depreciation Expense, Credit Accumulated Depreciation.

Debit Accumulated Depreciation, Credit Depreciation Expense.

Debit Cash, Credit Depreciation Expense.

Debit Depreciation Expense, Credit Cash.

Depreciation Expense is debited to increase expense and Accumulated Depreciation is credited to increase the contra-asset account.