What adjusting journal entry should the
company make at the end of each month if monthly financials are
prepared (annual depreciation is $1,260)? (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Homework Answers
Ans:
| S.no | Account title and explanation | Debit($) | Credit($) |
| 1. | Depreciation expense | 105 | |
| Accumulated depreciation | 105 | ||
| ( to record adjusting entry ) |
Yearly monthly depreciation= 6,300/5
= 1,260
Monthly depreciation= 1,260/12
=105
2. Book value of depreciation= Cost - Accumulated depreciation
= 6,300-105
= 6,195
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