O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2011 · Q151 Mark
At the end of her financial year, Lucy decided to depreciate her fixtures by $1000. Which journal entry will record this? debit credit $ $ A fixtures 1000 provision for depreciation of fixtures 1000 B income statement 1000 provision for depreciation of fixtures 1000 C provision for depreciation of fixtures 1000 fixtures 1000 D provision for depreciation of fixtures 1000 income statement 1000
Afixtures debit 1000, provision for depreciation of fixtures credit 1000
Bincome statement debit 1000, provision for depreciation of fixtures credit 1000
Cprovision for depreciation of fixtures debit 1000, fixtures credit 1000
Dprovision for depreciation of fixtures debit 1000, income statement credit 1000
✓ Correct answer
B: income statement debit 1000, provision for depreciation of fixtures credit 1000
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill Accounting procedures and see which topics are most likely to come up next.
Sign up free →