Question

make adjusting journal entry for the month of December as needed. -using the straight-line method to...

make adjusting journal entry for the month of December as needed. -using the straight-line method to determine depreciation.

You expect the laptop purchased at the end of December (for $595) to have a three-year life with a salvage value of $115. The laptop was placed in service on 1/1/21.

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Answer #1

Depreciation = (Cost - Salvage Value )/ Life of asset = (595 - 115)/3 = $160

Adjusting journal entry

Date   Account Title   Debit   Credit  
31-12-2021 Depreciation Expense - Laptop   $                160
Accumulated Depreciation   $                160
(To record depreciation )
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