FULL SCREEN PRINTERVERS2ON ·BACK NEXT MESSAGE HY INSTRUCTOR At the end of its fi
ID: 341008 • Letter: F
Question
FULL SCREEN PRINTERVERS2ON ·BACK NEXT MESSAGE HY INSTRUCTOR At the end of its first year, the trial balance of Bronowski Company shows Equipment $31,700 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $4,700 Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to T-accounts Accumulated Depreciation-Equipment Indicate the balance sheet presentation of the equipment at December 31 Balance Sheet (PartialExplanation / Answer
Post the Adjustment to T Accounts
Dr. Depreciation Expenses (Dr to Profit and Loss A/c) $ 4,700
Cr. Accumulated Depreciation (Liablity side or Less from the Cost of Equipment) $ 4,700.
Balance sheet presentation of equipment
Cost Of Equipment $ 31,700
Less: Accumulated Depreciation ($ 4,700) $ 27,000
Date Account Title and Explanation Debit (in $) Credit (in $) Dec,31 Depreciation Expenses 4,700 To Accumulated Depreciation Expenses 4700 (Being Depreciation for the Year Ended Provided in the book of account)Related Questions
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