Vaughn Company purchased equipment for $7380 on December 1, 2022. It is estimated that annual depreciation...
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Vaughn Company purchased equipment for $7380 on December 1, 2022. It is estimated that annual depreciation on the equipment will be $1920. If financial statements are to be prepared on December 31, 2022 the company should make the following adjusting entry: Debit Depreciation Expense, $1920; Credit Accumulated Depreciation, $1920. Debit Depreciation Expense, $160; Credit Accumulated Depreciation, $160. Debit Depreciation Expense, $5460; Credit Accumulated Depreciation, $5460. O Debit Equipment, $7380; Credit Accumulated Depreciation, $7380. Vaughn Company purchased equipment for $7380 on December 1, 2022. It is estimated that annual depreciation on the equipment will be $1920. If financial statements are to be prepared on December 31, 2022 the company should make the following adjusting entry: Debit Depreciation Expense, $1920; Credit Accumulated Depreciation, $1920. Debit Depreciation Expense, $160; Credit Accumulated Depreciation, $160. Debit Depreciation Expense, $5460; Credit Accumulated Depreciation, $5460. O Debit Equipment, $7380; Credit Accumulated Depreciation, $7380.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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