Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $63,000 on January 3, 2019, has an estimated life of 5 years and an estimated salvage value of $5,600. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 2019. (Round your answers to 2 decimal places.) Record adjusting entry for depreciation.

Straight Line Depreciation Expense    $ 11,480

Explanation:

Given

Cost= $ 63,000

Salvage Value = $ 5,600

Life in years = 6

Calculations

Straight Line Depreciation Expense= Cost - Salvage Value/ Useful life in years

Straight Line Depreciation Expense     = $ 63,000- 5,600/5

= $ 57,400/5= $ 11,480

Depreciation Expense for 1 month = $ 11480/12= $ 956.67

Adjustment at the end of the 1st month

Depreciation Expense $ 956.67 Dr

Accumulated Depreciation $ 956.67 Cr.

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