What is the journal entry to record depreciation expense?

The correct journal entry to record depreciation expense is to debit Depreciation Expense and credit Accumulated Depreciation. This reflects the allocation of a portion of the asset's cost as an expense for the period.

Debiting Depreciation Expense increases the total expenses on the income statement, which reduces net income, reflecting the consumption of the asset's value over time. On the balance sheet, crediting Accumulated Depreciation increases this contra-asset account, which ultimately reduces the book value of the fixed asset. This understanding of the relationship between expenses and both the income statement and balance sheet is fundamental in accounting.

In contrast, the other options do not accurately represent the accounting treatment for depreciation. For instance, debiting Accumulated Depreciation and crediting Depreciation Expense would incorrectly suggest that you're reducing an expense rather than recognizing it. Listing Income Expense is not a recognized account in standard accounting practices, and the final option incorrectly suggests that a cash payment is being made to record the depreciation, which is not the case since depreciation is a non-cash expense.