Cheyenne Corp. purchased equipment $2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entr O debit Depreciation Expense, $10560; credit Accumulated Depreciation, $10560. O debit Equipment, $13200; credit Accumulated Depreciation, $13200. O debit Depreciation Expense, $2640; credit Accumulated Depreciation, $2640. O debit Depreciation Expense, $220; credit Accumulated Depreciation, $220.
Cheyenne Corp. purchased equipment $2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entr O debit Depreciation Expense, $10560; credit Accumulated Depreciation, $10560. O debit Equipment, $13200; credit Accumulated Depreciation, $13200. O debit Depreciation Expense, $2640; credit Accumulated Depreciation, $2640. O debit Depreciation Expense, $220; credit Accumulated Depreciation, $220.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![.com/was/ui/v2/assessment-player/index.html?launchld%3D4a3ceb21-9e9f-4164-99bf-b3475f8851ea#/question/7
W Desmos
Goldlink
Google Keep
O Dashboard
E Welcome - Liferay 9 MLA Citation Gener.
w ACC201-01
Music 101-06
uestion 8 of 30
>
-/2
iew Policies
Current Attempt in Progress
Cheyenne Corp. purchased equipment for $13200 on December 1. It is estimated that annual depreciation on the computer will be
$2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:
O debit Depreciation Expense, $10560; credit Accumulated Depreciation, $10560.
O debit Equipment, $13200; credit Accumulated Depreciation, $13200.
O debit Depreciation Expense, $2640; credit Accumulated Depreciation, $2640.
O debit Depreciation Expense, $220; credit Accumulated Depreciation, $220.
Attempts: 0 of 1 used
Submit Answer
Save for Later
%24
8.
3.
y
W](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F17705b1a-06af-46a9-9005-25b9212b5e91%2F2140ccd1-2948-4e3d-ae9a-fb0bfa03d7c2%2Fstvaww_processed.jpeg&w=3840&q=75)
Transcribed Image Text:.com/was/ui/v2/assessment-player/index.html?launchld%3D4a3ceb21-9e9f-4164-99bf-b3475f8851ea#/question/7
W Desmos
Goldlink
Google Keep
O Dashboard
E Welcome - Liferay 9 MLA Citation Gener.
w ACC201-01
Music 101-06
uestion 8 of 30
>
-/2
iew Policies
Current Attempt in Progress
Cheyenne Corp. purchased equipment for $13200 on December 1. It is estimated that annual depreciation on the computer will be
$2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:
O debit Depreciation Expense, $10560; credit Accumulated Depreciation, $10560.
O debit Equipment, $13200; credit Accumulated Depreciation, $13200.
O debit Depreciation Expense, $2640; credit Accumulated Depreciation, $2640.
O debit Depreciation Expense, $220; credit Accumulated Depreciation, $220.
Attempts: 0 of 1 used
Submit Answer
Save for Later
%24
8.
3.
y
W
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education