Question

The estimated amount of depreciation on equipment for the current year is $8,200. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank.

Answer 1

Depreciahan An organisatioo_uses_varsloys_fixed assets in the operations to eave income. Such we of assebo in bysizess will fall the volle of_asset such fall in a value of Asset will are to because of wear and tear of asset. This is Deneciation. These are various_methods of gleil quing depreciation expense vizslaight lige method, written down value methor yeous digit method, Double Declinin Belezce methal, etc. At the every year end an entity will ass entry of Depreciation sem of It will pers entry . Dec 3|_ Depreciation Ale To Accumulates Depreciation Ale XXX XXX At the time of passing eqby, the company, will debit depreciation expeque_q9J credit cumulated depreciation. The belgace of depreciation every year added to accumulated depreciation

Dr 8200 a Aljusting Laby to record Depreci aling Expeque Depreciation Expense - Equipment To Accumulated Depreciation - Equipment . (to record Depecialien Expegue en asset) 8200 by paving 2) yox of Omis.79 Inoy of Ommissjog takes place when an organisation is. forgotten to record a jovanalegby. This (9.) be consected such journal entry, ca) $609 million. -> Overstyled - Income before Taxes As the company was not recorded expenses, the income by such umrecorded expense i lacreqsed. It is overstatel by expense are understated. (1)_% of missly trmegt to reported income & 604 million X 100 $849 million 71.1 % % of misstatement to the reported income is 71.1%