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How do you record annual depreciation and accumulated depreciation?
Wiki User
∙ 9y ago
[Debit] Depreciation expense
[Credit] Accumulated depreciation
After that depreciation is shown as part of income statement while accumulated depreciation goes to balance sheet.
Wiki User
∙ 9y ago
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The adjusting entry to record depreciation of equipment is?
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
What is the entry for accumulated depreciation?
Debit depreciation accountCredit accumulated depreciation
The journal entry to record depreciation expense consists of a credit to Accumulated Depreciation and a debit to the asset being depreciated?
Debit is to depreciation expense.
What is the journal entry accumulated depreciation?
[Debit] Depreciation account [Credit] Accumulated depreciation
Is it customary for the depreciation expense account and the accumulated depreciation account to be equal?
No. Accumulated depreciation is depreciation accumulated every year and it will only increase and won't decrease. Depreciation expenses is incurred every year.
How are accumulated depreciation and depreciation related?
Accumulated depreciation and depreciation are related with each other as depreciation is annual expense while accumulated depreciation is the sum of all annual depreciation expenses.
How are accumulated depreciation and depreciation expensese related?
Accumulated depreciation and depreciation are related with each other as depreciation is annual expense while accumulated depreciation is the sum of all annual depreciation expenses.
The adjusting entry to record depreciation of equipment is?
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
What is the entry for accumulated depreciation?
Debit depreciation accountCredit accumulated depreciation
The journal entry to record depreciation expense consists of a credit to Accumulated Depreciation and a debit to the asset being depreciated?
Debit is to depreciation expense.
What is accumulated depreciation?
The accumulated deprecation is the all the depreciation amounts should be the accumulated depreciation.
What is the entry to record depreciation expense?
There are two entries to record Depreciation Expense. Say we are depreciating a TruckDebit Depreciation Expense - Equipment TruckCredit Accumulated Depreciation - Equipment TruckAt the end of the Accounting Cycle when the books are closed Depreciation Expense will be closed out, Accumulated Depreciation will not be. It remains on the books as long as the item being depreciated is in use and still listed as an Asset.
What is the journal entry accumulated depreciation?
[Debit] Depreciation account [Credit] Accumulated depreciation
Is it customary for the depreciation expense account and the accumulated depreciation account to be equal?
No. Accumulated depreciation is depreciation accumulated every year and it will only increase and won't decrease. Depreciation expenses is incurred every year.
What is the normal balance of accumulated depreciation?
the normal balance of accumulated depreciation is "credit"
Why accumulated depreciation exceed depreciation expense?
Depreciation expenses is for one specific fiscal year while accumulated depreciation is the sum of all depreciation expenses that’s why accumulated depreciation exceeds the depreciation if there is depreciation expense in prior year as well.
Does accumulated depreciation increase with a credit?
accumulated depreciation is an asset, so it will increase with a debit.
