TI Clare Pinkerton is the accountant for Hair Cutters, Inc., a local salon. After Clare finished preparing the financial statements for the year, she realized that she failed to make an adjusting entry to record $1,300 of depreciation expense on equipment. What effect did this error have on Hair Cutters' financial statements? Begin by preparing the entry that Clare should have recorded prior to preparing the financial statements for the year. (Record debits first, then credits. Exclude explanations from any journal entries) Journal Entry Date Debit Credit Accounts Accounts payable Depreciation expense, equipment Cash Equipment