Eaton Co: journal entry for depreciation; presentation
Not what you're looking for?
At the end of its first year, the trial balance of Eaton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and in Depreciation Expense ?Equipment. Depreciation for the year is estimated to be $6,000.
After the adjusting entries have been posted to the "T" accounts, how will the equipment account balance be presented on the balance sheet?
Purchase this Solution
Solution Summary
The solution gives the journal entry and the presentation of that section of the balance sheet.
Solution Preview
We know that the entry to record depreciation will be:
Debit Depreciation expense $6000
Credit Accumulated Depreciation $6000
The balance sheet presentation of all fixed assets ...
Purchase this Solution
Free BrainMass Quizzes
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.