Thomas Corporation purchased equipment for $48,000 on September 1. It is estimated that annual depreciation on the equipment will be $4,800, but prepares financial statements monthly. For the month ended September 30, the company should make the following adjusting entry: debit Depreciation Expense, $400; credit Accumulated Depreciation, $400. debit Depreciation Expense, $4,800; credit Accumulated Depreciation, $4,800. debit Deprecision Expense, $48,000; credit equipment, $48,000. debit Depreciation Expense, $480, credit Accumulated Depreciation, $480.

Thomas Corporation purchased equipment for $48,000 on September 1. It is estimated that annual depreciation on the equipment will be $4,800, but prepares financial statements monthly. For the month ended September 30, the company should make the following adjusting entry: debit Depreciation Expense, $400; credit Accumulated Depreciation, $400. debit Depreciation Expense, $4,800; credit Accumulated Depreciation, $4,800. debit Deprecision Expense, $48,000; credit equipment, $48,000. debit Depreciation Expense, $480, credit Accumulated Depreciation, $480.

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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