The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts:VAUGHN CO.Trial Balance (Selected Accounts)June 30, 2024SuppliesPrepaid insuranceEquipmentAccumulated depreciation-equipmentUnearned revenueDebit$7700373059400Credit$544520000 An analysis of the accounts shows that equipment was purchased on July 1, 2023 with an estimated useful life of 10 years. Which ofthe following reflects the adjusting entry for the month of June?Depreciation ExpenseAccumulated Depreciation - EquipmentEquipmentCashDepreciation ExpenseAccumulated Depreciation Equipment5940-59400495Accumulated Depreciation Equipment 495Depreciation Expense594059400495495

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Description: The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts:VAUGHN CO.Trial Balance (Selected Accounts)June 30, 2024SuppliesPrepaid insuranceEquipmentAccumulated depreciation-equipmentUnearned revenueDebit$7

Depreciation expense on an accrual basis in accounting represents the gradual allocation of an…

Business

Accounting

The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts: VAUGHN CO. Trial Balance (Selected Accounts) June 30, 2024 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Debit $7700 3730 59400 Credit $5445 20000

The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts: VAUGHN CO. Trial Balance (Selected Accounts) June 30, 2024 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Debit $7700 3730 59400 Credit $5445 20000

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts:
VAUGHN CO.
Trial Balance (Selected Accounts)
June 30, 2024
Supplies
Prepaid insurance
Equipment
Accumulated depreciation-equipment
Unearned revenue
Debit
$7700
3730
59400
Credit
$5445
20000

An analysis of the accounts shows that equipment was purchased on July 1, 2023 with an estimated useful life of 10 years. Which of
the following reflects the adjusting entry for the month of June?
Depreciation Expense
Accumulated Depreciation - Equipment
Equipment
Cash
Depreciation Expense
Accumulated Depreciation Equipment
5940
-
59400
495
Accumulated Depreciation Equipment 495
Depreciation Expense
5940
59400
495
495

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