journal entry worksheet\ndepreciation on the company’s equipment for the year is $11,080.\nnote: enter…
journal entry worksheet\ndepreciation on the company’s equipment for the year is $11,080.\nnote: enter debits before credits.\ntransaction general journal debit credit\nb
Answer
Explanation:
Step1: Identify accounts affected
Depreciation expense is debited and accumulated - depreciation (a contra - asset account) is credited for equipment depreciation.
Step2: Determine amounts
The amount of depreciation is $11,080 for both debit and credit entries.
Answer:
| Transaction | General Journal | Debit | Credit |
|---|---|---|---|
| b | Depreciation Expense - Equipment | $11,080 | |
| Accumulated Depreciation - Equipment | $11,080 |