Final answer:
The adjustment to record depreciation on the delivery equipment is to debit the Depreciation Expense account and credit the Accumulated Depreciation account.
Step-by-step explanation:
The adjustment to record depreciation on the delivery equipment is to debit the Depreciation Expense account and credit the Accumulated Depreciation account. According to the question, Queenan Co. computed a depreciation expense of $1000 for the month of June. This means that the value of the delivery equipment decreased by $1000 during that month. To reflect this decrease in value, the company needs to record an adjusting entry. By debiting the Depreciation Expense account, the company recognizes the expense on the income statement, and by crediting the Accumulated Depreciation account, the company reduces the book value of the delivery equipment on the balance sheet. SEO Keywords: depreciation, adjustment, delivery equipment.
To record the depreciation of Queenan Co.'s delivery equipment for the month of June, which amounts to $1,000, a journal entry is needed. This adjustment involves debiting the Depreciation Expense account and crediting the Accumulated Depreciation account for the equipment. The journal entry would be: Debit: Depreciation Expense $1,000, Credit: Accumulated Depreciation: Delivery Equipment $1,000. This entry reflects the allocation of the cost of the delivery equipment over its useful life, diminishing its book value on the balance sheet and recognizing the expense on the income statement for June.