On December 1, delivery equipment was purchased for $8,928. The delivery equipment has an estimated useful life of four years (48 months) and no salvage value.

Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal.

(Income Statement) Depr. Expense-Delivery Equipment Adj (Balance Sheet) Accum. Depr.-Delivery Equipment Adj If an amount box does not require an entry, leave it blank. Page DOC. POST NO. REF. DEBIT CREDIT DATE ACCOUNT TITLE 1 20-- Dec. 31