On January 1, the company purchased equipment that cost $10,000. The equipment is expected to be worth about (or has a salvage value of) $1,000 at the end of its useful life in five years. The company uses straight-line depreciation. It has not recorded any adjustments relating to this equipment during the current year. Complete the necessary December 31 journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
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Note: Enter debits before credits.
Date General Journal Debit Credit
Dec. 31 es Depreciation expense
Accumulated depreciation
Record entry Clear entry View general journal

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drmallery drmallery · Answer 1 · 2021-07-29T19:54:02+02:00

Answer:

See below

Explanation:

10000-1000=9000 to be depreciated

9000/5=1800 annual depreciation

journal entry:

depreciation expense. 1800 (debit)

Accumulated depreciation. 1800 (credit)

to record annual depreciation

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okpalawalter8 okpalawalter8 · Answer 2 · 2022-06-22T12:32:36+02:00

"On January 1, the company purchased equipment that cost $10,000. ".the necessary December 31 journal entry is

1800 is the cost of depreciation (debit)

Depreciation that has accumulated. 1800 (credit)

Generally, a journal entry is simply defined as a journal used to write a commercial business in the accounting records of a company.

In conclusion, journal entries show business transactions.