Prepare the adjusting entry that should be made by Hulme Company at the end of the current year for depreciation of the manufacturing equipment, assuming no change in the original estimated life or residual value.
a. Debit Depreciation Expense $7,880; Credit Accumulated Depreciation $7,880
b. Debit Depreciation Expense $7,880; Credit Manufacturing Equipment $7,880
c. Debit Depreciation Expense $7,880; Credit Equipment Maintenance Expense $7,880
d. Debit Accumulated Depreciation $7,880; Credit Depreciation Expense $7,880