Depreciation is the spreading of the cost to purchase a long-lived asset over its useful life. For example a $1,000,000 automobile with a twenty-year useful life would show a depreciation expense of $50,000 for each year of its life. If we didn’t make this adjusting entry, how would our accounting system be affected? What would this mean?

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The adjusting entry is to debit depreciation expense and credit accumulated depreciation (contra asset). Think about how those entries affect those accounts, and how those accounts affect financial statements.

If you left them out, it wouldn't be reflected in those statements, so what is missing?