If a Fixed Asset, Such as a Computer, Were Purchased $\quad 100$

question 161

Short Answer

If a fixed asset, such as a computer, were purchased on January 1 for $3,750 with an estimated life of three years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is a. Depreciation Expense $\quad 100$
$\quad$ Accumulated Depreciation $\quad 100$
b. Depreciation Expense $\quad 1,200$
$\quad$ Accumulated Depreciation $\quad 1,200$
c. Accumulated Depreciation $\quad 1,200$
$\quad$ Depreciation Expense $\quad 1,200$
d. Accumulated Depreciation 100
$\quad$ Depreciation Expense $\quad$$\quad$ 100

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