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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

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On fune 1- 20v7- Young Corporation paid $20-000 cash for machinery tha.pdf

  • 1. 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