ttps://edugen.wil r.uni nkin American Express Cre H Honda Financial ServDiscover

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ttps://edugen.wil r.uni nkin American Express Cre H Honda Financial ServDiscover-Card Servi Logn lectronics, Car, Fa Facebook Log Weygandt, Financial and Managerial, 3e Financial and Managerial Accounting (ACCT 105 & ice Assignment Gradebook ORION Downloadable eTextbook ment Brief Exercise 3-04 At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,000 and zero balances in estimated to be $4,000. Accumulated Depreciation-Equpment and Depreciation Expemse. Drprecatio fr the ye Prepare the annual adjusting entry for depreciation at December 31. (Credit acount titles ane automa meally indented when the amount is entered. Do not ind Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to T-accounts. Depreciation Expense Accumulated Depreclation-Equipment Indicate the balance sheet presentation of the equipment at December 31. Nygaard Company Balance Sheet (Partial)

Explanation / Answer

31-Dec Depreciation Expense 4000         Accumulated Depreciation—Equipment 4000 2 Depreciation Expense 31-Dec 4000 Accumulated Depreciation—Equipment 31-Dec 4000 3 Balance Sheet: Equipment 30000 Less: Accumulated Depreciation—Equipment 4000 26000

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