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Sheridan Company purchases equipment for $8500 on November 1, 2020. It is estimated that annual...

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Accounting

Sheridan Company purchases equipment for $8500 on November 1, 2020. It is estimated that annual depreciation on the equipment will be $1380. Assuming adjusting entries are onlyprepared at year-end, the company should make the following adjusting entry: Debit Accumulated Depreciation, $230; Credit Depreciation Expense, $230. Debit Depreciation Expense, $690; Credit Equipment, $690 Debit Depreciation Expense, $230; Credit Accumulated Depreciation, $230. Debit Depreciation Expense, $1380; Credit Accumulated Depreciation, $1380

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