On November 1, Smith & Sons purchased communication equipment costing $48,000. The equipment will be depreciated over 12 months. The adjusting entry at November 30 would be: debit Equipment $4,000; credit Depreciation expense $4,000 debit Accumulated depreciation $48,000; credit Depreciation expense $48,000 debit Depreciation expense $4,000; credit Accumulated depreciation $4,000 debit Depreciation expense $8,000; credit Equipment $8,000

On November 1 , Smith \& Sons purchased communication equipment costing $48,000. The equipment will be depreciated over 12 months. The adjusting entry at November 30 would be: debit Equipment $4,000; credit Depreciation expense $4,000 debit Accumulated depreciation $48,000; credit Depreciation expense $48,000 debit Depreciation expense $4,000; credit Accumulated depreciation $4,000 debit Depreciation expense $8,000; credit Equipment $8,000