Activity \#1 - Depreciation Adjusting Journal Entries Purchase equipment on August 1, 2019 for $24,000. Estimated useful life is 5 years ( 60 months) 1. What is the adjusting journal entry (AJE) needed on August 31, 2019? 2. What are the T-account balances at August 31,2019 after the AJE but before Auglist closing entries? 3. What type of account is the Accumulated Depreciation account (e.g. equity account, revenue account, etc)? What is the NORMAL balance of this account? 4. What is the adjusting entry needed on September 30. 2019