Date Accounts and Explanation Debit Credit Jan 1 Equipment 60,000 Cash 60,000 Purchase equipment. 1b. Record the entry for the annual depreciation. Journal Entry Date Debit Credit Dec Accounts and Explanation 31 Depreciation Expense-Equipment Accumulated DepreciationEquipment 30,000 30,000 Record depreciation expense. 2. Post to the accounts and show their balances at December 31. Accumulated Depreciation- Equipment Depreciation Expense- Equipment Equipment Bal Bal Bal