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Which year end adjusting entry will be prepared

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Problem 1: A computer was purchased for $2,400 on August 1. The computer is expected to have a five-year useful lifespan before being replaced. If the company's fiscal year is November 30, the following year end adjusting entry will be prepared:

a. debit Depreciation Expense, $200; credit Accumulated Depreciation, $200.
b. debit Depreciation Expense, $40; credit Accumulated Depreciation, $40.
c. debit Depreciation Expense, $120; credit Computer, $120.
d. debit Accumulated Depreciation, $200; credit Depreciation Expense, $200.
e. debit Depreciation Expense, $160; credit Accumulated Depreciation, $160.

Reference no: EM132727217

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