Question

Depreciation on the equipment for the year is EUR 12000. Select correct journal entry

Answer 1

Answer:

depreciation on equipment a/c. dr. 12,000

to cash a/c. 12,000

( being depreciation on equipment)

Answer 2

A journal entry is the record of a financial transaction of business in its financial books.

• The financial transactions of a business are recorded in a journal, which indicate the debit and credit balances.
• The correct journal entry for the given statement is -

Depreciation expense A/c      Dr.   12,000

    To Equipment A/c                             12,000

( Being depreciation charged on the equipment)