Homework Answers
| Journal entries | |||
| Date | ACCOUNT TITLES AND EXPLANATIONS | DEBIT ($) | CREDIT ($) |
| 31-Dec-18 | Equipment Account | 2,800,000.00 | |
| Retained Earnings (Balancing Figure) | 2,288,000.00 | ||
| Accumulated Depreciation of equipment [((2,800,000-240,000) / 10) x 2] | 512,000.00 | ||
| (To correct the error) | |||
| 31-Dec-18 | Depreciation Expense [(2,800,000-240,000) / 10] | 256,000.00 | |
| Accumulated Depreciation of equipment | 256,000.00 | ||
| (To record depreciation expense) | |||
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