1.At the end of its first year, the trial balance of Boyer Company shows Equipment $23,200 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. Depreciation for the year is estimated to be $4,100.

--Prepare the adjusting entry for depreciation at December 31

-Post the adjustments to T-accounts.

-Indicate the balance sheet presentation of the equipment at December 31.

2. On July 1, 2014, Seng Co. pays $15,300 to Nance Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31.

-For Seng Co., journalize the entry on July 1 and adjusting entry on December 31.

-For Seng Co., post the entries passed on on July 1 and on December 31.