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    Easton Company adjusting entry for depreciation, post T acct

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    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.

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    Solution Summary

    In Excel, the solution presents the journal entry for depreciation, and shows the t-account activity plus the formal balance sheet presentation for the long term asset section.