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Question
At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,750.
Prepare the adjusting entry for depreciation at December 31.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Post the adjustments to T-accounts.
Depreciation Expense
12/31
Accumulated Depreciation- Equipment
Indicate the balance sheet presentation of the equipment at December 31.
Wolowitz Company
Balance Sheet (Partial)
$
Add
Less:
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