The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the adjusting entry

The estimated amount of depreciation on equipment for the current year is $7,700. 

Journalize the adjusting entry (include an explanation) to record the depreciation.

Answer:

Depreciation Expense 7,700

                  Accumulated Depreciation—Equipment 7,700

                   Depreciation on equipment.