In the unadjusted trial balance of its worksheet for the year ended December 31, 2022, Knox Company

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In the unadjusted trial balance of its worksheet for the year ended December 31, 2022, Knox Company reported Equipment of $120,000. The year-end adjusting entries require an adjustment of $15,000 for depreciation expense for the equipment. After the adjusted trial balance is completed, what amount should be shown in the financial statement columns?

a. A debit of $105,000 for Equipment in the balance sheet column.

b. A credit of $15,000 for Depreciation Expense in the income statement column.

c. A debit of $120,000 for Equipment in the balance sheet column.

d. A debit of $15,000 for Accumulated Depreciation- Equipment in the balance sheet column.

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Accounting Principles

ISBN: 9781119707110

14th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

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