Answer:
See explanation section
Explanation:
A) To record the journal entry of annual adjustments of depreciation on equipment -
Debit Depreciation expense - Equipment $3,480
Credit Accumulated depreciation $3,480
Note: As the depreciation expense $3,480 is for one year, the entire amount will be debited to adjust the expense.
B) To record the journal entry of monthly adjustments of depreciation on equipment -
Debit Depreciation expense - Equipment $290
Credit Accumulated depreciation $290
Note: As the depreciation expense $3,480 is for one year, the monthly expense is = $(3,480/12) = $290 amount will be debited to adjust the expense for each month.
