Adjustment for Depreciation of Asset On December 1, delivery equipment was purchased for $7,680. The delivery equipment has an estimated useful life of four years (48 months) and no salvage value. Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal. (Income Statement) Depr. Expense-Delivery Equipment Adj. (Balance Sheet) Accum. Depr.-Delivery Equipment Adj. Feedback Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 20-- Dec. 31 Depr. Expense - Delivery Equipment 1 1 2 Accum. Depr. - Delivery Equipment 2 Adjustment for Depreciation of Asset On December 1, delivery equipment was purchased for $7,680. The delivery equipment has an estimated useful life of four years (48 months) and no salvage value. Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal. (Income Statement) Depr. Expense-Delivery Equipment Adj. (Balance Sheet) Accum. Depr.-Delivery Equipment Adj. Feedback Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 20-- Dec. 31 Depr. Expense - Delivery Equipment 1 1 2 Accum. Depr. - Delivery Equipment 2