At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $35,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $7,000. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. s Required 1 Required 2 Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No, Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31.1 Note: Enter debits before credits. Date December 31 General Journal Debit Credit