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Debit depreciation account
Credit accumulated depreciation
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What is the journal entry accumulated depreciation?
[Debit] Depreciation account [Credit] Accumulated depreciation
Is depreciation a credit or debit entry?
"Depreciation Expense" is a Debit entry and the counter entry is "accumulated depreciation" on an asset which is a credit entry. Depreciation - DR. Amount X Acc. Depreciation - CR. Amount X
What event makes the accumulated depreciation account go up Are these debits or credits to accumulated depreciation?
Depreciating assets over time causes the Accumulated Depreciation to go up with a credit entry. The debit is to depreciation expense.
The adjusting entry to record depreciation of equipment is?
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
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 depreciation a credit or debit entry?
"Depreciation Expense" is a Debit entry and the counter entry is "accumulated depreciation" on an asset which is a credit entry. Depreciation - DR. Amount X Acc. Depreciation - CR. Amount X
What event makes the accumulated depreciation account go up Are these debits or credits to accumulated depreciation?
Depreciating assets over time causes the Accumulated Depreciation to go up with a credit entry. The debit is to depreciation expense.
The adjusting entry to record depreciation of equipment is?
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
Accounting entry for capitalization of inventory as fixed assets?
Debit Depreciation Expense Credit 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.
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.
Is Accumulated depreciation account is an expense account?
No. Accumulated Depreciation is a contra-account which appears on the asset side of the Balance Sheet. It is a credit balance account which reduces the value of Fixed Assets to reflect their declining value due to age and use. The normal offset to an entry to the Accumulated Depreciation account is a debit to Depreciation Expense.
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.
What is accumulated depreciation?
The accumulated deprecation is the all the depreciation amounts should be the accumulated depreciation.
Is Accumulated Depreciation - Equipment included in the Balance Sheet?
Accumulated depreciation-equipment is contra entry for asset account to show the reduction in actual assets cost through method of depreciation
Is accumulated depreciation a revenue on a single step income statement?
accumulated depreciation shows the total amount of depreciation charged so it is a contra entry for fixed asset and shown in liability side or in asset side but as a deduction from fixed asset and not in income statement.
