3. Jim Adams prepares year-end adjusting entries and posts each entry to the year-end worksheet. Below are the normal adjusting entries. Refer to your Systems LInderstanding Aid Reference material for further help in preparing appropriate adjusting entries. Hint: Be sure to number each adjusting entry on the year end worksheet to make it easier to complete year-end procedure 7 Later (Example YE01, YEO2, etc.). a. Depreciation Expense. Depreciation expense is calculated once annually at the end of each year and recorded in the general journal as of December 31 The depreciation methods, estimated lives, and salvage values are documented in the fixed asset subsidiary ledger, Depreciation in the year of sale or acquisition is calculated following a half-year convention, which means that six months of depreciation is taken regardless of the amount of time the assets were actually sing these vears sary of the