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The estimated amount of depreciation on equipment for the current year is $10,700.

Journalize the  adjusting entry  on December 31 to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

General Ledger

ASSETS

11

Cash

12

Accounts Receivable

13

Supplies

14

Prepaid Insurance

15

Land

16

Equipment

17

Accumulated Depreciation-Equipment

19

Accumulated Depreciation-Automobiles

LIABILITIES

21

Accounts Payable

22

Unearned Fees

23

Salaries Payable

24

Taxes Payable

EQUITY

31

John Doe, Capital

32

John Doe, Drawing

REVENUE

41

Fees Earned

EXPENSES

51

Advertising Expense

52

Insurance Expense

53

Rent Expense

54

Salary Expense

55

Supplies Expense

56

Utilities Expense

57

Depreciation Expense

59

Miscellaneous Expense

Journalize the  adjusting entry  on December 31 to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

1

 

Adjusting Entries

 

 

 

2

 

3