Juan Foods purchases a computer system in 2015 for $20,000. Its expected useful life is 5 years. At the end of 2015, it has to record depreciation on the computer system of $2,000.
What is the correct journal entry to record the depreciation?
- Debit computer system $2,000; credit depreciation expense $2,000
- Debit accumulated depreciation $2,000; credit computer system $2,000
- Debit depreciation expense $2,000; credit accumulated depreciation $2,000
- Debit computer system $2,000; credit accumulated depreciation $2,000
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