Laura Diamonds purchased a computer for $3,600 on December 1. It is estimated that the useful life
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Question:
Laura Diamonds purchased a computer for $3,600 on December 1. It is estimated that the useful life of the computer will be 3 years. If financial statements are to be prepared on December 31, the company should make the following adjusting entry
a) debit Depreciation Expense, $100; credit Computer, $100.
b) debit Depreciation Expense, $100; credit Accumulated Depreciation, $100.
c) debit Depreciation Expense, $1,200; credit Accumulated Depreciation, $1,200.
d) debit Cash, $100; credit Accumulated Depreciation, $100.
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