Accounting for IGCSE & O level - Accounting Procedures (Section 6 - No. 12)
What is the journal entry for depreciation expense?
Debit Depreciation Expense, Credit Accumulated Depreciation
Debit Accumulated Depreciation, Credit Depreciation Expense
Debit Cash, Credit Depreciation Expense
Debit Depreciation Expense, Credit Cash
Explanation
The correct entry debits Depreciation Expense and credits Accumulated Depreciation.
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