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-   -   Adjusting entry for depreciation on equipment (https://www.askmehelpdesk.com/showthread.php?t=132647)

  • Sep 22, 2007, 08:41 PM
    kesalsa
    Adjusting entry for depreciation on equipment
    What account should entry for depreciation on equipment?

    Thanks,
  • Sep 22, 2007, 10:24 PM
    Kygall
    Quote:

    Originally Posted by kesalsa
    what account should entry for depreciation on equipment?

    thanks,

    A journal entry for depreciation would be;
    Depreciation expense xxx (debit)
    Accumulated depreciation xxx (credit)
    (of course, the amount would be what was given)
  • Nov 2, 2011, 05:11 PM
    meeyah
    Office supplies on hand reveals a count of $2400. The ledger reflects a balance in the office supplies account of $6700. What adjusting entry is used for this question?
  • Nov 3, 2011, 11:32 AM
    pready
    You need to do an adjusting entry for the amount of supplies used during the period.
    Your account balance says you have $6,700 but you actually have $2,400 worth of supplies onhand, so you need to do an adjusting entry for the difference. This amont is your supplies used during the period. So your adjusting entry will be:
    Debit Office Supplies Expense for the amount used during the period
    Credit Office Supplies for the amount used

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