The estimated amount of depreciation on equipment for the current year is $6,880

Question

The estimated amount of depreciation on equipment for the current year is $6,880.

Journalize the adjusting entry to record the depreciation on December 31. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment 19 Accumulated Depreciation-Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 John Doe, Capital 32 John Doe, Drawing REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense

Explanation / Answer

Journal Entry to record Depreciation on Equipment

Date

Account Titles and Explanation

Debit

Credit

December 31

Depreciation Expenses A/c

$6,880

To Accumulated Depreciation - Equipment A/c

$6,880

[Adjusting entry to record the depreciation on Equipment on December 31 ]

Date

Account Titles and Explanation

Debit

Credit

December 31

Depreciation Expenses A/c

$6,880

To Accumulated Depreciation - Equipment A/c

$6,880

[Adjusting entry to record the depreciation on Equipment on December 31 ]

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