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Question - At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $31,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $6,300.
Required -
Prepare the adjusting journal entry on December 31.
Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
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