On fune 1, 20v7, Young Corporation paid $20 , 000 cash for machinery that will be used in business operations. What is the adjusting journal entry made on December 31 , 20 7 to properly record depreciation expense of $2 , 000 ? Debit machinery; credit cash Debit depreciation expense; credit equipment Debit depreciation expense; credit accumulated depreciation Debit accumulated depreciation; credit depreciation expense.