Course: Financial Accounting

Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: a. Building No b. Cash No c. Wages Expense Yes d. Miscellaneous Expense No e. Common Stock No f. Prepaid Insurance Yes Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $3,940. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank. Depreciation Expense Accumulated Depreciation-Equipment