Morgan's Consulting Bought a Scanner Worth $5,000 with an Expected

question 186

Multiple Choice

Morgan's Consulting bought a scanner worth $5,000 with an expected life of 7 years and a residual value of $1,500. What is the adjusting journal entry for the first year?

• A) Scanner 500 Depreciation Expense 500
• B) Scanner 500 Accumulated Depreciation, Computer 500
• C) Depreciation Expense 500 Scanner 500
• D) Depreciation Expense 500 Accumulated Depreciation, Scanner 500

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Definitions:

Internal Supply

Refers to the resources, capabilities, and competencies that are available within an organization, which can be utilized to achieve strategic objectives.

Retrained

The process of teaching employees new skills or refreshing their existing skills to meet the current demands of their job or prepare for new job roles.

HR Supply

The availability of qualified candidates, both internally and externally, to meet the human resources needs of an organization.

Employee Turnover

The rate at which employees leave a company and are replaced by new hires, often used as an indicator of the work environment and employee satisfaction.