O-LevelAccountingSources and recording of data7707/11 · Oct/Nov 2011 · Q161 Mark

At the end of her financial year, Lucy decided to depreciate her fixtures by $1000. Which journal entry will record this?

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Adebit: fixtures $1000, credit: provision for depreciation of fixtures $1000

Bdebit: income statement $1000, credit: provision for depreciation of fixtures $1000

Cdebit: provision for depreciation of fixtures $1000, credit: fixtures $1000

Ddebit: provision for depreciation of fixtures $1000, credit: income statement $1000

✓ Correct answer

B: debit: income statement $1000, credit: provision for depreciation of fixtures $1000

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2011 Paper 1 Variant 1, question 16.

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