Answer both

Hardy Company purchased a computer for $2, 400 on December 1. It is estimated that the annual depreciation on the computer will be $480. The adjusting entry to accrue the depreciation expense on the computer on December 31 will be: Debit Depreciation Expense, $2, 400, credit Accumulated Depreciation, $2, 400. Debit Depreciation Expense, $40, credit Accumulated Depreciation, $40. Debit Depreciation Expense, $1, 920: credit Accumulated Depreciation, $1, 920. Debit Equipment, $2, 400, credit Accumulated Depreciation, $2, 880. Gardner Company purchased a truck by securing a 12-month, 10% note payable from the bank for $60,000 on December 1. The adjusting entry to accrue the interest expense on the note on December 31 will be: Debit Interest Expense, $500, credit Interest Payable, $500. Debit Interest Expense, $6,000: credit Interest Payable, $6,000. Debit Interest Expense, $500, credit Cash, $500. Debit Interest Expense, $500, credit Notes Payable, $500