Purchase Solution

Adjusting entry for depreciation

Not what you're looking for?

Ask Custom Question

At the end of its first year, the trial balance of Easton Company shows Equipment
$30,000 and zero balances in Accumulated Depreciation?Equipment and Depreciation Expense. Depreciation for the year is estimated to be $6,000. Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.

Purchase this Solution
Solution Summary

The solution shows posting of the adjustments to T accounts, and indicate the balance sheet presentation of the equipment. Accumulated depreciation is examined.

Solution Preview

Hello,
Journal entry
Date Particulars Debit Credit
31Dec Depreciation 6000
Accumulated Depreciation 6000

Accumulated Depreciation
Date Particulars Amount Date Particulars Amount
31Dec ...

Purchase this Solution
Free BrainMass Quizzes
Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Learning Lean

This quiz will help you understand the basic concepts of Lean.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

View More Free Quizzes
Related BrainMass Solutions

  • Adjusting Entries Process

    Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. a. Brief Exercise BE3-4 Prepare adjusting entry for depreciation.

  • Depreciation adjusting entry

    The solution explains how to determine the adjusting entry for depreciation

  • Adjusting an Entry for Accumulated Depreciation

    You are to prepare the missing adjusting entry. For each journal entry write Dr for debit and Cr for credit.

  • Financial Analysis Examples

    Entry: Advertising Supplies Expense 5,000 Advertising Supplies 5,000 (To record use of advertising supplies) BE 3-4 - Prepare adjusting entry for depreciation (SO

  • Adjusting Entries: Accumulated Depreciation

    You are to prepare the missing adjusting entry. For each journal entry write the Dr for debit and the Cr for credit. The beginning balance is 230,000. One equipment is sold which had an accumulated depreciation of 40,000X3/4=30,000.

  • BE3-4 Prepare adjusting entry for depreciation for Easton company

    Prepare adjusting entry for depreciation. Please see the attached file. The entry is provided together with general ledger and balance sheet presentation.

  • Examples of Transactions Recorded

    The adjusting entry would be to debit Depreciation Expense account, and to credit Accumulated Depreciation Expenses account. And its description can be "To record monthly depreciation". 3. Revenue Received in advance (e.g.

  • Adjusting Entry

    Adjusting entries occur in accrual basis accounting. Accumulated depreciation, wages expense and unearned revenue are all accounts that can be found in an adjusting entry.

  • This post addresses accounting practice questions.

    At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December. The wages will be paid to the employees in January.

  • Business Accounting Exercises - Adjusting Entries

    Prepare the adjusting entry for depreciation at December 31, post the adjustment to T accounts, and indicate the balance sheet presentation of the equipment at December 31. 5. On July 1, 2006.

View More Related Solutions