At the end of its first year, the trial balance of Cullumber Company shows Equipment $ 33,500 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $ 3,650. 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 Accumulated Depreciation- Equipment Indicate the balance sheet presentation of the equipment at December 31. Cullumber Company Balance Sheet (Partial)
At the end of its first year, the trial balance of Cullumber Company shows Equipment $ 33,500 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $ 3,650. 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 Accumulated Depreciation- Equipment Indicate the balance sheet presentation of the equipment at December 31. Cullumber Company Balance Sheet (Partial)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the end of its first year, the trial balance of Cullumber Company shows Equipment $ 33,500 and zero balances in Accumulated
Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $ 3,650.
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
Accumulated Depreciation- Equipment
Indicate the balance sheet presentation of the equipment at December 31.
Cullumber Company
Balance Sheet (Partial)
$
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