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Question
If a fixed asset, such as a computer, were purchased on January 1 for $3,750 with an estimated life of 3 years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is
a. Depreciation Expense 100
Accumulated Depreciation 100
b. Depreciation Expense 1,200
Accumulated Depreciation 1,200
c. Accumulated Depreciation 1,200
Depreciation Expense 1,200
d. Accumulated Depreciation 100
Depreciation Expense 100
Answer
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