n January 1, Adams Company purchased a large piece of equipment for $23,500. It

Question

n January 1, Adams Company purchased a large piece of equipment for $23,500. It has an estimated useful life of 5 years.

Required:

Journalize the adjusting entry on December 31.

Note: Use straight-line depreciation with no salvage value.

Date

Account Title

Debit

Credit

n January 1, Adams Company purchased a large piece of equipment for $23,500. It has an estimated useful life of 5 years.

Required:

Journalize the adjusting entry on December 31.

Note: Use straight-line depreciation with no salvage value.

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Debit Credit December 31 Depreciation expense Dr               4,700.00 To Accumulated depreciation             4,700.00 Cost of equipment            23,500.00 Salvage Value                            -   Life in years                       5.00 Depreciation per year = (23,500 - 0)/5               4,700.00

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