Anderson Flooring, inc., determines that depreciation amounts to $400 for the period. As the accountant, you tell the bookkeeper to debit Depreciation Expense and credit Accumulated Depreciation for $400. debit Accumulated Depreciation and credit Equipment for $400. debit Depreciation Expense and credit Equipment for $400. debit Equipment and credit Accumulated Depreciation for $400. debit Accumulated Depreciation and credit Depreciation Expense for $400. Given the following balances, what would the total debits in balance equal? Equipment $52,000 Accounts Payable 1,000 Sales 51,000 Accumulated Depreciation 3,000 Accounts Receivable 4,000 Retained Earnings 13,000 Salary Expense 4,000 Cash 12,000 Paid-in Capital 10,000 Cost of Goods Sold 25,000 $ 52,000 $101,000 $ 97,000 $103,000 $107,000 The entry to close net income at the end of the accounting period involves a debit to Retained Earnings and a credit to Income Summary. Debit to income summary and a credit to Retained Earnings. debit to Accounts Receivable and a credit to Retained Earnings. debit to Retained Earnings and a credit to Accounts Receivable. debit to Income Summary and a credit to Accounts Receivable. Failure to record depreciation at year-end will overstate total liabilities. understate assets. overstate assets. understate owners' equity. overstate revenue