QS 3-8 (Algo) Accumulated depreciation calculations and adjustments LO P1 For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account a Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $21,500 balance to start the year. A review of depreciation schedules reveals that $24,200 of depreciation expense must be recorded for the year. Debit or Credit? Accumulated depreciation 21,500 Credit 21,500 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. $ Step 3: Record the December 31 adjusting entry to get from step 1 to step 2

QS 3-8 (Algo) Accumulated depreciation calculations and adjustments LO P1 For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account a Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $21,500 balance to start the year. A review of depreciation schedules reveals that $24,200 of depreciation expense must be recorded for the year. Debit or Credit? Accumulated depreciation 21,500 Credit 21,500 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. $ Step 3: Record the December 31 adjusting entry to get from step 1 to step 2

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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