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On January 1, a company purchased equipment that cost $10,000. The company has not yet recorded depreciation, which is estimated at $1,800 per year. The company will prepare financial statements at the end of January. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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TomShelby

Answer:

depreciation expense 1,800 debit

   accumulated expense - equipment   1,800 credit

--- to record depreciation adjusting entry ---

Explanation:

the copany will do the depreciation adjusting entry at year-end

it will declare the depreciation expense for 1,800 and "store" it on the accumulated depreciation equipment to adjust the net value of the equipment in the balance sheet

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