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BE3-4 Prepare adjusting entry for depreciation for Easton company

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At the end of its first year, the trial balance of Easton Company shows Equipment
$30,000 and zero balances in Accumulated Depreciation?Equipment and Depreciation Expense.
Depreciation for the year is estimated to be $6,000. Prepare the adjusting entry for depreciation
at December 31, post the adjustments to T accounts, and indicate the balance sheet
presentation of the equipment at December 31.

Prepare adjusting entry for depreciation.

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Solution Summary

The entry is provided together with general ledger and balance sheet presentation.

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