Hercules Company purchased a computer for $4,800 on December 1. It is estimated that annual
depreciation on the computer will be $960. If financial statements are to be prepared on December
31, the company should make the following adjusting entry:
Debit Office Equipment, $4,800; Credit Accumulated Depreciation, $4,800.
Debit Depreciation Expense, $960; Credit Accumulated Depreciation, $960.
Debit Depreciation Expense, $80; Credit Accumulated Depreciation, $80.
Debit Depreciation Expense, $3,840; Credit Accumulated Depreciation, $3,840.

Debit Depreciation Expense, $960; Credit Accumulated Depreciation, $960.

Explanation:

Depreciation is an expense recorded in the income statement. An expense account is created to record annual depreciation in a given year. Since depreciation is an expense,  an increase is captured by debiting the account. The depreciation amount will be credited to the accumulated depreciation account as per the rules of double-entry accounting.

Accumulated depreciation is the natural contra entry account for the depreciation account. The account is used to recorded accumulated depreciation up to the current period. Accumulated depreciation account is because it reduces the book value of the asset.

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the metropolitan museum of art. source: anton_ivanov / shutterstock.

central park. source: gagliardiphotography / shutterstock.

national 9/11 memorial and museum.

empire state building.

statue of liberty.

the museum of modern art (moma)

rockefeller center.

brooklyn bridge.

explanation:

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