Final answer:
The adjusting entry to record depreciation would be a debit to the Depreciation Expense account and a credit to the Accumulated Depreciation account.
Step-by-step explanation:
The adjusting entry to record depreciation would be a debit to the Depreciation Expense account and a credit to the Accumulated Depreciation account. Since the estimated amount of depreciation on equipment for the period is $3,500, the adjusting entry would be:
Depreciation Expense - $3,500 (debit)
Accumulated Depreciation - $3,500 (credit)