Answered: Adjustment for Depreciation The…

Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $6,880. Journalize the adjusting entry to record the depreciation. fill in the blank 2

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

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Question

Adjustment for Depreciation

The estimated amount of depreciation on equipment for the current year is $6,880.

Journalize the adjusting entry to record the depreciation.

		fill in the blank 2

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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