Question

plumpton rentals company faced the following situations. view the situations. requirement 1. journalize the adjusting entry needed at december 31, 2023, for each situation. consider each fact separately. (record debits first, then credits. exclude explanations from any journal entries.) d. salary expense is $6,300 per day—monday through friday—and the business pays employees each friday. this year, december 31 falls on a thursday. accounts debit credit d. salary expense 25,200 salary payable 25,200 e. the unadjusted balance of the supplies account is $3,200. the total cost of supplies on hand is $1,000. accounts debit credit e. supplies expense 2,200 supplies 2,200 f. equipment was purchased on january 1 of this year at a cost of $160,000. the equipments useful life is five years. there is no residual value. record depreciation for this year and then determine the equipments book value. accounts debit credit f. depreciation expense—equipment accumulated depreciation—equipment

Explanation:

Step1: Calculate annual depreciation

Use straight - line depreciation formula. Depreciation per year = $\frac{Cost - Residual\ value}{Useful\ life}$. Given cost = $160000$, residual value = $0$, and useful life = $5$ years. So, Depreciation per year=$\frac{160000 - 0}{5}=32000$.

Step2: Record adjusting entry

Debit Depreciation Expense—Equipment for $32000$ to recognize the expense for the year, and credit Accumulated Depreciation—Equipment for $32000$ to track the total depreciation over time.

Answer:

Accounts	Debit	Credit
Accumulated Depreciation—Equipment		32000