Accounting system entry, Famous Frames Company purchased

Accounting system entry

Reference no: EM13259438

Famous Frames Company purchased office equipment on January 1,2007 for $10,000. Its annual depreciation was computed as $1,000.To record the depreciation for 2007, the accounting system entry should be which of the following?

increase both Depreciation Expense and Accumulated Depreciation by $1,000
increase Depreciation Expense and decrease Equipment,both by $1,000
increase Depreciation Expense and decrease Accumulated Depreciation, both by $1,000
decrease both Depreciation Expense and Accumulated Depreciation by $1,000

Reference no: EM13259438

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