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Sheffield Company purchases equipment for $8000 on November 1,2020. It is estimated that annual depreciation...

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Accounting

Sheffield Company purchases equipment for $8000 on November 1,2020. It is estimated that annual depreciation on the equipment will be $1560. Assuming adjusting entries are onlyprepared at year-end, the company should make the following adjusting entry:
Debit Depreciation Expense, $260; Credit Accumulated Depreciation, $260.
Debit Depreciation Expense, $780; Credit Equipment, $780
Debit Depreciation Expense, $1560; Credit Accumulated Depreciation, $1560.
Debit Accumulated Depreciation, $260; Credit Depreciation Expense, $260.
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