justing entries for depreciation; effect of error Instructions Chart of Accounts Journal Final Questions Instructions On December 31, a business estimates depreciation on equipment used during the first year of operations to be $16.250. a. Journalize the adjusting entry required as of December 31. Refer to the Chart of Accounts for exact wording of account nos. b. If the adjusting entry in (a) were omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 319 Show Me How Calculator s for depreciation; effect of error Chart of Accounts Journal Final Questions ccounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable EXPENSES 13 Supplies 14 Prepaid Insurance 15 Land 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 16 Equipment =&inprogre Show Me How Calculator entries for depreciation; effect of error dions Chart of Accounts Journal Final Questions EXPENSES 1s of Accounts 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation Equipment 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable All worsaved atries for depreciation; effect of error ons Chart of Accounts Journal Final Questions 5 of Accounts LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends All work rusting entries for depreciation; effect of error Instructions Chart of Accounts Jougal Final Questions Bournal 2. Journalize the adjusting entry required as of December 31. Refer to the Chart of Accounts for exact wording of account feles PAGE JOURNAL ACCOUNTING EQUATION DATE POST. REF DERIT CREDIT ASSETS DESCRIPTION Adjusting Entries LIABILITIES EQUITY