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Hi, I need help with adjusting entries. Adjustment info as of Sept 30, 2019:Joe estimates that his office furniture and boat related equipment will last 8 years with no salvage. Fixed assets purchased in the first half of the month are depreciated for the entire month, while fixed assets purchased in the last half of the month are not depreciated until the second month. Without using any numbers, which accounts would be credited and debited?

Question

Hi, I need help with adjusting entries. Adjustment info as of Sept 30, 2019:

Joe estimates that his office furniture and boat related equipment will last 8 years with no salvage. Fixed assets purchased in the first half of the month are depreciated for the entire month, while fixed assets purchased in the last half of the month are not depreciated until the second month. 

Without using any numbers, which accounts would be credited and debited?

check_circleAnswer
Step 1

Adjusting entries:

An adjusting entry is prepared when the trial balance is not up-to-date, and complete, and they are usually prepared at the end of the accounting period. This adjusting entry is essential for preparing the financial statements of the business.

Step 2

Prepare the adjusting ent...

Debit (S) Credit (S)
Date
Accounts title and explanation
|30-Sep-19 Depreciation expense
хXX
Accumulated depreciation
(To record the depreciation expense for the month)
хXх
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Debit (S) Credit (S) Date Accounts title and explanation |30-Sep-19 Depreciation expense хXX Accumulated depreciation (To record the depreciation expense for the month) хXх

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