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HOMEWORK: CHAPTER 3 PART 2

Question 3

At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. Depreciation for the year is estimated to be $3,750. Prepare the annual adjusting entry for depreciation at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount

Post the adjustments to T-accounts.

Depreciation Expense
choose a transaction date 12/31	enter a debit amount	choose a transaction date 12/31	enter a credit amount
Accumulated Depreciation Equipment
choose a transaction date 12/31	enter a debit amount	choose a transaction date 12/31	enter a credit amount

Indicate the balance sheet presentation of the equipment at December 31.

Wolowitz Company Balance Sheet (Partial)
enter a balance sheet item			$enter a dollar amount
select between addition and deduction AddLess:enter a balance sheet item			enter a dollar amount		$enter a subtotal of the two previous amounts