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These are the extracted balances from the balance sheet as at 31 July 2021: S...

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Accounting

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These are the extracted balances from the balance sheet as at 31 July 2021: S Motor vehicle 180,000 Less: Accumulated Depreciation 45,000 135,000 New vehicle costing $80,000 was acquired on 1 May 2021. There was no disposal during the year. Depreciation of vehicle is charged on vehicle at 10% per annum on cost. Assume no depreciation has been recorded for the year. Which of the following are the correct journal entries to record the depreciation expense for motor vehicle as at 31 July 2021? 1) DR Depreciation Expense $9,000 CR Accumulated Depreciation $9,000 2) DR Depreciation Expense $10,000 CR Accumulated Depreciation $10,000 3) DR Depreciation Expense $12,000 CR Accumulated Depreciation $12,000 4) DR Depreciation Expense $13,500 CR Accumulated Depreciation $13,500

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