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
(a)
Depreciation Expense 6,300
Accumulated Depr.—Equipment 6,300
(b)
Depreciation Expense ($6,300/12) 525
Accumulated Depr.—Equipment 525
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