For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of...

 

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For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31? Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Record the depreciation adjustment on equipment on December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Depreciation expense-Equipment Prev 2 of 8 Next > For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31? Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Record the depreciation adjustment on equipment on December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Depreciation expense-Equipment Prev 2 of 8 Next >