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On december 29, 2021, patel products, inc. , sells a delivery van that cost $20,000. the equipment had accumulated depreciation of $16,000 at december 31, 2020. annual depreciation on this equipment is $2,000 computed using straight-line depreciation.

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abiolataiwo2015

The appropriate journal entry to record the transaction using  straight-line depreciation is: Debit Depreciation expense $2,000; Credit Accumulated depreciation $2,000

Depreciation

If the  annual depreciation on this equipment  is the amount of  $2,000. The correct journal entry to record the transaction using  straight-line depreciation is:

December 31 2020

Debit Depreciation expense $2,000

Credit Accumulated depreciation $2,000

(To record depreciation  expenses)

Therefore the entry is: Debit Depreciation expense $2,000; Credit Accumulated depreciation $2,000.

Learn more about depreciation here:https://brainly.com/question/14526945

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