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suter [353]
3 years ago
8

Knowledge Check 04 On December 29, 2015, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumul

ated depreciation of $16,000 at December 31, 2014. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names and dollar amounts from the drop-down menus.
Business
1 answer:
KIM [24]3 years ago
8 0

Answer:

Depreciation expense $2,000

         To Accumulated depreciation - equipment $2,000

(Being the depreciation expense is recorded)

Explanation:

The journal entry is shown below:

Depreciation expense $2,000

         To Accumulated depreciation - equipment $2,000

(Being the depreciation expense is recorded)

For recording this we debited the depreciation expense as it increased the expenses and credited the accumulated depreciation as it reduced the value of the fixed assets. This both items should be recorded for $2,000

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7 0
3 years ago
LETS MAKE THIS A QUESTION THAT HAS NO STARS. ONLY THANKS!!!!!!!
sasho [114]

Answer:

Please ask study related questions,mate.

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3 0
3 years ago
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Novay_Z [31]

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Learn more about the Wagner act with the help of the given link:

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1 year ago
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umka21 [38]

Answer:

D)

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