Page 11 CHAPTER 4 BRIEF EXERCISE 4-5 Adjusting Entry for Depreciation Prepare adjusting entry: GENERAL JOURNAL Date Account Titles ADJUSTING ENTRIES Debit Credit Dec. 31 Post adjusting entry: Depreciation Expense Accumulated Depreciation, Equipment Prepare balance sheet presentation of the equipment at December 31: BALANCE SHEET (partial) - FULL SCREEN PRINTER VERSION BACK BRA-5 At the end of its first year, the trial balance of Rayburn Company shows Equipment $22,000 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense Depreciation for the year is estimated to be $2,750. Prepare the annual adjusting entry for depreciation at December 31, post the adjustments to T-accounts, and indicate the balance sheet presentation of the equipments December 31