In this presentation, we will continue with the corporation's comprehensive problem, entering and adjusting journal entries related to depreciation. For more accounting information and accounting courses, visit our website at accountinginstruction.info. The information will be up top. We're going to enter that into our general journal and then post it to our worksheet. We have the prior two entries that we have started with here, just so our worksheet looks similar to what we will be putting out by hand. We will be focusing on the depreciation for the year on equipment. Remember that this is the adjusting journal entries. We're going to apply the adjusting journal entries rule. And as we do so, all I need to know is that this is something related to depreciation and it's an adjusting journal entry. That's all we need to know to know which accounts will be affected and which way they will be going. Then we'll discuss what does this mean? Why are we doing this? The general rule is going to be that we're not going to be dealing with cash with an adjusting journal entry. We're gonna have one account that's going to be a balance sheet account, or more specifically, an asset or liability account, and one account that's going to be an income statement revenue or expense account. So that means that up here we have something that has to do with depreciation. If we go through these, we see how about accumulated depreciation. And then if we go down here into the income statement, something having to do with depreciation, and we see depreciation expense. So typically, if we take the keyword of the adjusting journal entry we're doing and look at a balance sheet account and then an income statement account, we'll typically be able...
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Video instructions and help with filling out and completing Fill Form 1120 C Depreciation
