QS 3-9 Adjusting for depreciation LO P1 a. Barga Company purchases $30,000 of eq

Question

QS 3-9 Adjusting for depreciation LO P1 a. Barga Company purchases $30,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,000 at the end of that time. b. Welch Company purchases $11,000 of land on January 1, 2017. The land is expected to last indefinitely Prepare the entries to record one year's depreciation expense of $5,200 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31, 2017? (If no entry is require for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the depreciation adjustment on equipment on December 31, 2017. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Clear entry View general journal

Explanation / Answer

Journal entry :

Transaction General journal debit credit a Depreciation expense 5200     Accumlated depreciation-equipment 5200 (To record depreciation on equipment) b No entry

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