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16 September, 10:51

At the end of its first year, the trial balance of Blossom Company shows Equipment $21,500 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $4,300. Prepare the adjusting entry for depreciation at December 31.

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  1. 16 September, 11:19
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    The adjusting entry is shown below.

    Explanation:

    According to the scenario, the given data are as follows:

    Estimated depreciation for year = $4,300

    So, the adjusting entry for depreciation is shown below:

    Adjusting Entry

    Dec. 31

    Depreciation expense A/c Dr. $4,300

    To Accumulated Depreciation-Equipment A/c $4,300

    (Being the Depreciation expense is recorded)
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