The estimated amount of depreciation on equipment for the current year is $6,475.Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. ASSETSREVENUE11 Cash41 Fees Earned12 Accounts Receivable13 SuppliesEXPENSES14 Prepaid Insurance51 Advertising Expense15 Land52 Insurance Expense16 Equipment53 Rent Expense17 Accumulated Depreciation-Equipment54 Salary Expense55 Supplies ExpenseLIABILITIES56 Utilities Expense21 Accounts Payable57 Depreciation Expense22 Unearned Fees59 Miscellaneous Expense23 Salaries Payable24 Taxes Payable

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Description: The estimated amount of depreciation on equipment for the current year is $6,475.Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. ASSETSREVENUE11 Cash41 Fees Earned12 Accou

Introduction Depreciation: Depreciation is the decrease in the value of fixed asset. Fixed asset…

Business

Accounting

The estimated amount of depreciation on equipment for the current year is $6,475. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.

The estimated amount of depreciation on equipment for the current year is $6,475. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.

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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