Answer:
See explanation section
Explanation:
A) To record the journal entry of annual adjustments of depreciation on equipment -
Debit     Depreciation expense - Equipment    $3,480
Credit     Accumulated depreciation          $3,480
Note: As the depreciation expense $3,480 is for one year, the entire amount will be debited to adjust the expense.
B) To record the journal entry of monthly adjustments of depreciation on equipment -
Debit     Depreciation expense - Equipment    $290
Credit     Accumulated depreciation          $290
Note: As the depreciation expense $3,480 is for one year, the monthly expense is = $(3,480/12) = $290 amount will be debited to adjust the expense for each month.
