Victory Company Purchases Office Equipment at the Beginning of the Year

Multiple Choice

Victory Company purchases office equipment at the beginning of the year at a cost of $15,000.The machine's useful life is estimated to be 7 years with a $1,000 salvage value.The journal entry to record the first year depreciation is:

A) Debit Depreciation Expense $2,143,credit Accumulated Depreciation $2,143.
B) Debit Depreciation Expense $2,000,credit Office Equipment $2,000.
C) Debit Office Equipment $2,000,credit Accumulated Depreciation $2,000.
D) Debit Accumulated Depreciation $2,143;credit Office Equipment $2,143.
E) Debit Depreciation Expense $2,000,credit Accumulated Depreciation $2,000.