what-is-the-correct-journal-entry-for-recording-the-purchase-of-a-machine-costin

Question

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

Accepted Answer

Debit Machinery $$40,000; Credit Cash 40$$,000

Answer

Debit Depreciation Expense $$40,000; Credit Accumulated Depreciation 40$$,000

Answer

Debit Cash $$40,000; Credit Machinery 40$$,000

Answer

Debit Accumulated Depreciation $$40,000; Credit Depreciation Expense 40$$,000

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