Determining Fixed Asset's Book Value The balance in the equipment account is $847,600, and the balance in the accumulated depreciation--equipment account is $262,800, a. What is the book value of the equipment? b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $262,800? because depreciation is an allocation of the of the equipment to the periods benefiting from its use. Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $1,617 Joumalize the adjusting entry required if the amount of supplies on hand at the end of the year is $760. Adjusting Entry for Accrued Fees At the end of the current year, $7,200 of fees have been earned but have not been billed to clients, a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $3,010. Journalize the adjusting entry to record the depreciation