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sammy [17]
4 years ago
7

For each separate case below, follow the three-step process for adjusting the accumulated depreciation account at December 31. S

tep 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year.

Business
1 answer:
alexandr1967 [171]4 years ago
7 0

   

[c]   Accumulated Depreciation Equipment

Step 1 $0   $0

Step 2 $6,400 Credit [($56000 - 11200) / 7 years]  $6,400

$6,400

Step 3 Accounts title Debit Credit  

Depreciation expense $6,400  

  Accumulated Depreciation - Equipment  $6,400

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