As of December the adjusted trail balance of Tracks company reports equipment of
ID: 2339170 • Letter: A
Question
As of December the adjusted trail balance of Tracks company reports equipment of 32000 and 0 balance in accumulated depreciation. Equipment and depreciation expense . Depreciation for the period is estimated 6400. I have my journal entry correct. Depreciation expense debit 6400 and accumlated depreciation credit 6400. In my t accounts I put 32000 in beginning balance and 6400 as my adjusted entry. It’s marking me wrong. Help As of December the adjusted trail balance of Tracks company reports equipment of 32000 and 0 balance in accumulated depreciation. Equipment and depreciation expense . Depreciation for the period is estimated 6400. I have my journal entry correct. Depreciation expense debit 6400 and accumlated depreciation credit 6400. In my t accounts I put 32000 in beginning balance and 6400 as my adjusted entry. It’s marking me wrong. HelpExplanation / Answer
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Entry for depreciation is depreciation expense dr 6,400 To Accumulated depreciation 6,400 which you have done correctly.
But when you prepare T Account for Equipment , Beginning balance would be 32,000 and there would be no entry in the T Account. Thus ending balance would also be 32,000
But when you prepare T Account for Acc dep , Beginning balance would be 0, entry would be for 6,400 and ending balance would be 6,400 as shown below
Equipment Paticulars Amount Paticulars Amount To Bal b/d 32,000.00 By Bal c/d 32,000.00 32,000.00 32,000.00 Accumulated depreciation - Equipment By bal C/d - To bal c/d 6,400.00 By Depreciation Expense 6,400.00 6,400.00 6,400.00Related Questions
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