On July 1, 20X1, a machine is purchased at a cost of $20,000. Before the...
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Accounting
On July 1, 20X1, a machine is purchased at a cost of $20,000. Before the 20x1 looks are closed you discover that an error caused by using an incorrect residual value resulted in depreciation for the year being $200 too high. To correct this error you will record a second adjusting entry for depreciation that will include .....
A. A $200 debit to depreciation expense
B. A $200 credit to asset machinery
C. A $200 debit to accumulated depreciation
D. None of the above
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