Depreciation on equipment for the year is $5,760.

Required:

(a)	Record the journal entry if the company prepares adjustments once a year.*
(b)	Record the journal entry if the company prepares adjustments on a monthly basis.*
	*Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
16	Equipment
17	Accumulated Depreciation-Equipment

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Fees
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense

General Journal

(a) Record the journal entry on December 31, if the company prepares adjustments once a year.*

(b) Record the journal entry on December 31, if the company prepares adjustments on a monthly basis.*

*Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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