Can I have some help please O Accounting JournalI Accounting Ledger2 Accounting EquationNEXAccounting Equationa. On April 1, 2011, the company purchased office equipment that cost $20,000. Itsuseful life is taken as five years, at which time the equipment will have zero salvagevalue. An adjustment is needed for the year ended December 31, 2011.Liabilities+EquityAssets+ Depreciation Expense-Equipment-3,000Accumulated%3DDepreciation-Equipment-3,000Show me how to do this step:Over the course of 3/4 year, equipment depreciated by $3,000. DepreciationExpense-Equipment increases by $3,000 and Accumulated Depreciation-Equipment increases by $3,000. Since Depreciation Expense-Equipment is anexpense account, increasing it decreases total equity, so equity decreases.Ask a QuestionAnalyzing the EventO Why do we need adjusting entries?O How did this affect the business' assets?O Did this transaction cause liabilities or equity to change?O How did you get $3,000 as the amount to adjust?O How do you check if this transaction kept the accounting equation in balance?O Is this an adjustment for an accrued expense or a deferred expense?ASKPotential MisconceptionsO Shouldn't Accumulated Depreciation-Equipment have $3,000 under it insteadof -$3,000?O Does recording an expense always mean assets are reduced?ASK?© Copyright Quantum Adaptive Learning, LLC All rights reserved.Quantum Intelligent Tutoring Engines. Quantum Tutors, Quantum Assessmont Advisors and Quantum Mentorscontain patented and patent-pending technologies and are registered trademarks of Quantum Adaptive Learning, LLC.AcknowledgmentsMac

The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Accounting Equation a. - On April 1, 2011, the company purchased office equipment that cost $20,000. Its useful life is taken as five years, at which time the equipment will have zero salvage value. An adjustment is needed for the year ended December 31, 2011. Assets Liabilities Equity Accumulated Depreciation-Equipment -3,000 + Depreciation Expense- Equipment -3,000 %3D Show me how to do this step: Over the course of 3/4 year, equipment depreciated by $3,000. Depreciation Expense-Equipment increases by $3,000 and Accumulated Depreciation- Equipment increases by $3,000. Since Depreciation Expense-Equipment is an expense account, increasing it decreases total equity, so equity decreases,

Accounting Equation a. - On April 1, 2011, the company purchased office equipment that cost $20,000. Its useful life is taken as five years, at which time the equipment will have zero salvage value. An adjustment is needed for the year ended December 31, 2011. Assets Liabilities Equity Accumulated Depreciation-Equipment -3,000 + Depreciation Expense- Equipment -3,000 %3D Show me how to do this step: Over the course of 3/4 year, equipment depreciated by $3,000. Depreciation Expense-Equipment increases by $3,000 and Accumulated Depreciation- Equipment increases by $3,000. Since Depreciation Expense-Equipment is an expense account, increasing it decreases total equity, so equity decreases,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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