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At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $28,000 and zero...

At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $28,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,600. Required:

Prepare the adjusting journal entry on December 31. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.

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Answer #1
Journal entry
Date Particulars Debit Credit
31-Dec depreciation expenses 5600
accumulated depreciation-equipment 5600
depreciation expenses
5600
accumulated depreciation
5600
balance 5600
equipment
beginning balance 28000
balance 28000
Adjusted trail balance debit credit
equipment 28000
accumulated depreciation 5600
depreciation expenses 5600
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