Adjustment for depreciation Instructions Chart of Accounts Journal Instructions The estimated amount of depreciation on equipment for the current year is $14,400 Journalize the adjusting entry to record the depreciation. Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered