Determine the Account and Amount to Be Debited and the Account

question 78

Essay

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.Equipment purchased for $52,000 on January 3,2016,has an estimated life of 5 years and an estimated salvage value of $4,500.The firm uses the straight-line method of depreciation.Determine the adjustment for the month ended January 31,2016.

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Definitions:

Unconscious

A part of the mind that contains thoughts, memories, and desires not within conscious awareness, but can influence behavior and emotions.

Conscious

The quality or state of being aware of an external object or something within oneself.

Unpredictable

Having the characteristic of being unable to be foreseen or anticipated due to variability or lack of a discernible pattern.

Unique

Being the only one of its kind; unlike anything else.