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1 April, 06:57

Depreciation on equipment for the year is $6,300. (a) Record the journal entry if the company prepares adjustments once a year. (b) Record the journal entry if the company prepares adjustments on a monthly basis.

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  1. 1 April, 08:52
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    The journal entries are shown below:

    a.

    Depreciation Expense A/c Dr $6,300

    To Accumulated Depreciation - Equipment A/c $6,300

    (Being depreciation expense is recorded)

    b.

    Depreciation Expense A/c Dr $525 ($6,300 : 12 months)

    To Accumulated Depreciation - Equipment A/c $525

    (Being the monthly depreciation expense is recorded)
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