Question

Adjustment for Depreciation

The estimated amount of depreciation on equipment for the current year is $2,930. Journalize the adjusting entry to record the depreciation.

Answer 1

Solution:

The adjusting entry to record depreciation on equipment ( of $ 2,930 ) for the current year

Sl.No.	Particulars	Debit Amount	Credit Amount
1.	Depreciation Expense   a/c    Dr                    To Accumulated Depreciation on Equipment	$ 2,930	$ 2,930