Depreciation on equipment for the year is $6,300.(a) Record the journal entry if the company prepares adjustments once a year.(b) Record the journal entry if the company prepares adjustments on a monthly basis.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.

Equipment

Durable assets used in the operation of a business, not intended for sale, that are used over time.

Journal Entry

A record in accounting that represents a transaction in the books of account, consisting of debits and credits.