home / study / business / accounting / questions and answers / for each separate case below, follow the 3-step ... Your question has been answered! Rate it below. Let us know if you got a helpful answer. Question: For each separate case below, follow the 3-step pr... For each separate case below, follow the 3-step process for adjusting the accumulated depreciation account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $47000, had an estimated life of five years, and is expected to have zero value at the end of the 5 years. Step 1. Determine what the current account balance equals. Debit or credit Step 2. Determine what the current account balance should equal. Debit or credit Step 3. Record an adjusting entry to get from step 1 or step 2. Adjustine entry (Pick one for debit and credit ) Accumulated depreciation Debit Credit Depreciation expense Amount( ) ( ) Accumulated depreciationEquipment Accumulated depreciationTruck Depreciation expenseEquipment Depreciation expenseTruck Equipment Insurance expense Prepaid ensurance Prepaid rent Rent expense Supplies Supplies expense The company only has one fixed asset (equipment) that is purchased at the start of this year. The asset had cost $38000, had an estimated life of 7 years, and is expected to be valued at $5800 at the end of the 7 years. tep 1. Determine what the current account balance equals. Debit or credit Step 2. Determine what the current account balance should equal. Debit or credit Step 3. Record an adjusting entry to get from step 1 or step 2. Accumulated depreciationEquipment Accumulated depreciationTruck Depreciation expenseEquipment Depreciation expenseTruck Equipment Insurance expense Prepaid ensurance Prepaid rent Rent expense Supplies Supplies expense