The Harris Company Purchased Equipment for $15,000 on December 1

Multiple Choice

The Harris Company purchased equipment for $15,000 on December 1.It is estimated that annual depreciation on the computer will be $3,000.If financial statements are to be prepared on December 31, the company should make the following adjusting entry:

A) debit Depreciation Expense, $3,000; credit Accumulated Depreciation, $3,000.
B) debit Depreciation Expense, $250; credit Accumulated Depreciation, $250.
C) debit Depreciation Expense, $12,000; credit Accumulated Depreciation, $12,000.
D) debit Equipment, $15,000; credit Accumulated Depreciation, $15,000.