What is the correct journal entry for recording the purchase of a machine costing \$40,000?

• A. Debit Depreciation Expense \$40,000; Credit Accumulated Depreciation \$40,000
• B. Debit Machinery \$40,000; Credit Cash \$40,000
• C. Debit Cash \$40,000; Credit Machinery \$40,000
• D. Debit Accumulated Depreciation \$40,000; Credit Depreciation Expense \$40,000

Answer: (B)