Question

* You received no credit for this question in the previc Journal entry worksheet 2 3 Equipment costing $37,200 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,200 per year. Record the adjusting entry for depreciation at its year-end of December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal

Answer 1

Credit Debit $ 6,200 Date Account Titles and Explanation 31-Dec Depreciation Expense Accumulated Depreciation (To record depreciation expense for the year) $ 6,200 $ 1,050 ($ 42,000 * 5%) / 12 Months * 6 Months 31-Dec Interest Receivable Interest Revenue (To record accrued interest on loan) $ 1,050 $ 3,200 ($ 12,800 / 12 Months * 3 Months) 31-Dec Deferred Revenue Sales Revenue (To record expired deferred revenue) $ 3,200