Hardy Company purchased a computer for P4,800 on December 1. It is estimated that annual depreciation on the computer will be P960. If financial statements are to be prepared on December 31, the...

Extracted text: Hardy Company purchased a computer for P4,800 on December 1. It is estimated that annual depreciation on the computer will be P960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Debit Depreciation Expense, P960; Credit Accumulated Depreciation, P960. Debit Depreciation Expense, P80; Credit Accumulated Depreciation, P80. Debit Depreciation Expense, P3,840; Credit Accumulated Depreciation, P3,840. Debit Office Equipment, P4,800; Credit Accumulated Depreciation, P4,800.