Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $65,000 on January 3, 2019, has an estimated life of 6 years and an estimated salvage value of $3,800. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 2019.
Record adjusting entry for depreciation.
