Question - At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $28,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the period is estimated to be $5,600.
1. Prepare the adjusting journal entry on December 31.
2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.