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I have to do some adjusting entries. Assignment states, Equipment: straight line method used for equipment....

I have to do some adjusting entries. Assignment states, Equipment: straight line method used for equipment. If you have Bakery leasehold improvements: $10,000, 2nd year of use ($2000 per year). What is the adjusting entry, if any?

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Answer #1

For the information supplied by you, the following will be the adjusting entry:

Journal

   Depreciation expense 2,000
Accumulated depreciation - Equipment 2,000

Kindly comment if you need further assistance. Thanks

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