Multiple Choice
In preparing an adjusting entry for depreciation, an accountant debited depreciation expense and credited accumulated depreciation $500. The adjusting entry means (i) the value of the equipment decreased by $500, (ii) future periods will not benefit from the use of the equipment.
A) Neither i nor ii.
B) Both i and ii.
C) i only.
D) ii only.
Correct Answer:
Verified
Correct Answer:
Verified
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