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

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