Clare Pinkerton is the accountant for Hair Cutters, Inc., a local salon. After Clare finished preparing the financial statements for the year, she realized that she failed to make an adjusting entry to record $1,300 of depreciation expense on equipment. What effect did this error have on Hair Cutters' financial statements? Begin by preparing the entry that Claro should have recorded prior to preparing the financial statements for the year. (Record debita tient, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Accounts payable Depreciation expense, equipment Cash Equipment