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On November 1 2018 Biotek purchased a new machinery by signing a loan of $ 20 000. Depreciation of the machinery is estimated to be

  1. On November 1 2018 Biotek purchased a new machinery by signing a loan of $ 20 000. Depreciation of the machinery is estimated to be $2,000 a year. Select the adjusting entries that need to be made on 31 December 2019.

    Debit Depreciation Expense 2000; Credit Machinery 2000

    Debit Machinery 20 000; Credit Loan 20 000

    Debit Depreciation Expense 2000; Credit Accumulated Depreciation 2000

    Debit Machinery 2000; Credit Accumulated Depreciation 2000

    Debit Accumulated Depreciation 2000; Credit Depreciation Expense 2000

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