Business, 11.02.2021 20:30 ejcastilllo

On December 31, a business estimates depreciation on equipment used during the first year of operations to be $2,900. (a) Journalize the adjusting entry required on December 31. fill in the blank a8dada025fa4fc8_2 fill in the blank a8dada025fa4fc8_4 (b) If the adjusting entry in (a) were omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31? (1) The income statement for the year? would be understated. would be overstated. (2) The balance sheet as of December 31? would be understated, and would be overstated. would be overstated.

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On December 31, a business estimates depreciation on equipment used during the first year of operati...