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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1, delivery equipment was purchased for $4,320. The delivery equipment has an estimated useful life of three years (36 months) and no salvage value. Using the straight-line depreciation method, analyze the necessary adjusting entry as of July 31 (one month) using T accounts, and then formally enter this adjustment in the general journal.

To determine

Analyze the necessary adjusting entry as of July 31(one month) using T accounts and prepare journal entry to formally enter the given adjustment.

Explanation

Analyze the necessary adjusting entry as of July 31(one month).

Calculate the depreciation expense:

Depreciation = Original costSalvage value  Estimated life =$4,320-$036 months=$120

Prepare journal entry to record the given adjustment.

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