The estimated amount of depreciation on equipment for the current year is $7,700.
The estimated amount of depreciation on equipment for the current year is $7,700.
Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.
Homework Answers
Required adjustment entry of depreciation is:
| Date | Description | Debit | Credit |
| Depreciation expense | 7700 | ||
| Accumulated depreciation | 7700 | ||
| (for recording current years' depreciation expense) |
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