Question & Answer: The estimated amount of depreciation on equipment for the current year is $8,055……

The estimated amount of depreciation on equipment for the current year is $8,055.

Journalize the adjusting entry to record the depreciation on December 31. Refer to the Chart of Accounts for exact wording of account titles.

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Expert Answer

 

The adjusting entry to record the depreciation on December 31 :-

Depreciation expense – equipment 8055
Accumulated depreciation- equipment 8055

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