0
What event makes the accumulated depreciation account go up Are these debits or credits to accumulated depreciation?
HLB09
Depreciating assets over time causes the Accumulated Depreciation to go up with a credit entry. The debit is to depreciation expense.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
An account will have a credit balance if the?
credits exceeds the debits
What is The Difference between total debits and credits to an account called?
The Account balance.
All type of account entries?
It is important to enter all the account entries: the debits and the credits.
Is depreciation expense a debit?
All expenses recognized in a period are debits. While depreciation expense is a debit (increase in expense) shown in the income statement, accumulated depreciation is usually the offsetting credit (contra-asset reduction in balance sheet).
Can depreciation on a Fixed Asset be carried as a contra-asset on its own line on the balance sheet or does it have to be deducted from the Fixed Asset?
Depreciation of a Fixed Asset is always carried on the Balance Sheet in the Accumulated Depreciation Account (contra-asset). It is never deducted from the Fixed Asset.One reason for the Accumulated Depreciation account is that eventually, individual assets will be fully depreciated and their net values will be zero. If the depreciation were deducted from the asset, it would "fall off" the balance sheet. The accumulated depreciation account allows the assets to remain at book value in the asset account to maintain their visual presence on the books.The depreciation entry debits depreciation expense and credits accumulated depreciation.
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
An account will have a credit balance if the?
credits exceeds the debits
What is The Difference between total debits and credits to an account called?
The Account balance.
Is manufacturing overhead an expense account?
No. It is a manufacturing control account that increases with debits and decreases with credits.
All type of account entries?
It is important to enter all the account entries: the debits and the credits.
Is depreciation expense a debit?
All expenses recognized in a period are debits. While depreciation expense is a debit (increase in expense) shown in the income statement, accumulated depreciation is usually the offsetting credit (contra-asset reduction in balance sheet).
How can you find out the credits and debits to one's bank account?
One can find the credits and debits of one's bank account by checking the bank account online which is available to most bank accounts. Another option would be to contact the bank and find information through their customer service.
What is done to check the equality of debits and credits?
done to check the equality of debits and credits
Does the debit and credit sides of a T-Account have to balance?
The debits and credits for ALL the T-Accounts must balance - if you had the same debits and credits to each T-Account, your trial balance would be all zeros. If you take all the T-Accounts you've used in making your journal entry(s) and add them up, if the total debits and total credits don't agree you're missing part of an entry.
When a customer returns merchandise purchased on credit the retailer debits?
1. Debits Sales Returns, credits Cash 2. Debits Inventory, credits COGS
Do Credits post before debits?
No, always list Debits first. If you receive cash for example from a customer for an account receivable the entry should look like this: Cash (debit) XXXX Account Receivable (credit) XXXX
