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Debit depreciation expense

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Depreciation on the company's equipment for 2014 is $24,000. The company prepares and records adjusting entries on a monthly basis. How would the company record the related adjusting entry on December 31, 2014?

Debit Depreciation Expense for $2,000 and credit Cash for $2,000.

Debit Depreciation Expense for $2,000 and credit Equipment for $2,000.

Debit Depreciation Expense for $2,000 and credit Accumulated Depreciation - Equipment for $2,000.

Debit Depreciation Expense for $24,000 and credit Accumulated Depreciation - Equipment for $24,000.

Debit Depreciation Expense for $24,000 and credit Equipment for $24,000.

Reference no: EM13753007

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