Reference no: EM132368965

Question

At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,750.

Prepare the adjusting entry for depreciation at December 31.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

Post the adjustments to T-accounts.

Depreciation Expense

12/31

12/31

Accumulated Depreciation- Equipment

12/31

12/31

Indicate the balance sheet presentation of the equipment at December 31.

Wolowitz Company

Balance Sheet (Partial)

$

Add

Less:

$