For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. Step 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. a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $19,500 balance to start the year. A review of depreciation schedules reveals that $21,800 of depreciation expense must be recorded for the year. Debit or Credit? Accumulated depreciation Step 1: Determine what the current account balance equals. 1 Credit 1 Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. Step 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. a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $19,500 balance to start the year. A review of depreciation schedules reveals that $21,800 of depreciation expense must be recorded for the year. Debit or Credit? Accumulated depreciation Step 1: Determine what the current account balance equals. 1 Credit 1 Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 2PA: The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal...
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