### Question: Depreciation Adjusting Entry**Current Attempt in Progress**At the end of its first year, the trial balance of Blossom Company shows Equipment $23,100 and zero balances in Accumulated Depreciation – Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,700.**Task (a1):**Prepare the annual adjusting entry for depreciation at December 31.*(List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)*#### Date | Account Titles and Explanation | Debit | Credit- **Dec. 31** - (To be filled by the student)**Supporting Materials:**- eTextbook and Media- List of Accounts**Instructions:**1. This task requires the student to input the appropriate adjusting journal entry to account for the depreciation of equipment.2. Note that the annual depreciation amount is given as $2,700, and students need to determine the debit and credit accounts to properly record this entry.**Follow-Up Questions (to be completed in order):**1. **Task (a2):** - This part of the question must be completed in order. Additional details will be provided upon completion of part (a1). 2. **Task (a3):** - This part of the question must be completed in order. Additional details will be provided upon completion of part (a2).**Attempt Status:**- Attempts: 0 of 3 used**Action:**- Students should submit their answers after completing part (a1).**Interface Notes:**- There is a "Save for Later" option available for students who wish to pause and return to the question.**Instructions for Educators:**- Ensure students understand the concept of depreciation and the need for adjusting entries at year-end.- Emphasize the importance of listing debit entries before credit entries and using the automatic indentation for credit accounts.**Expected Learning Outcome:**- Students should be able to successfully prepare an adjusting journal entry for depreciation, demonstrating their understanding of how depreciation impacts financial statements.---By completing this task, students will gain practical experience in handling year-end adjustments, essential for accurate financial reporting and compliance.

As per nominal account rule, all expenses should be debited and incomes should be credited.…

Current Attempt in Progress At the end of its first year, the trial balance of Blossom Company shows Equipment $23,100 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,700. (a1) Prepare the annual adjusting entry for depreciation at December 31. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Dec. 31 Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used (a2) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer

Current Attempt in Progress At the end of its first year, the trial balance of Blossom Company shows Equipment $23,100 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,700. (a1) Prepare the annual adjusting entry for depreciation at December 31. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Dec. 31 Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used (a2) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer

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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