On the first day of the year Hawaii Surfboards purchased surfboards for $17 000 which is to be depreciated by 20% a year.At the end of the first year the adjusting entry to record depreciation is which of the following?

Select one:

a.Debit depreciation expense surfboards $17000; Credit accumulated depreciation surfboards, $17000.

b.Debit accumulated depreciation surfboards $3400, Credit depreciation expense surfboards $3400.

c.Debit depreciation expense surfboards $3400, credit surfboards $3400

d.Debit depreciation expense surfboards $3400, Credit accumulated depreciation surfboards $3400.

Q36