On January 1, the company purchased equipment that cost $10,000. The equipment is expected to be worth about (or has a salvage value of) $1,000 at the end of its useful life in five years. The company uses straight-line depreciation. It has not recorded any adjustments relating to this equipment during the current year. Complete the necessary adjusting entry by selecting the account names and dollar amounts from the drop-down menus.

If the adjusting entry is recorded at the end of the year

$1,800 debited to Depreciation expense: Equipment

$1,800 credited to Accumulated Depreciation: Equipment

If the adjusting entry is recorded at the end of the month

$150 debited to Depreciation expense: Equipment

$150 credited to Accumulated Depreciation: Equipment

Explanation:

The adjusting entry related to the equipment is that of recording depreciation expense for the equipment. To record this entry, we need to compute the depreciation expense first. Annual depreciation expense can be computed using the following formula

Annual depreciation expense =  (Cost - Residual value)/Useful life of the asset

Plugging the values into the above formula, we get

Annual depreciation expense = (10,000 - 1,000)/ 5 = 9,000/5 = 1,800

Now we debit Depreciation expense: Equipment by $1,800 and credit Accumulated Depreciation: Equipment by $1,800

However, if the adjusting entry is made on a  monthly basis, we would need to divide the annual depreciation by 12

1,800/12 = $150

In this case, we would have to debit Depreciation expense: Equipment by $150 and credit Accumulated Depreciation: Equipment by $150

If the adjusting entry is recorded every two months during the year. The monthly depreciation expense would be multiplied by 2 to get the amounts that need to be debited and credited to the accounts mentioned above

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the answer is true

for e2020 ; -;