Jax, Inc purchased equipment for $3,000 on November 1. It is estimated that annual depreciation on the equipment will be $600. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: 1) debit Depreciation Expense, $600; credit Accumulated Depreciation, ; 1 $600. 2) debit Depreciation Expense, $100; credit Accumulated Depreciation, $100. 3) debit Depreciation Expense, $50; credit Accumulated Depreciation, $50. 4) debit Office Equipment, $3,000; credit Accumulated Depreciation, $3,000