Debit depreciation expense
Credit fixed asset
Debit is to depreciation expense.
[Debit] Depreciation expense[credit] fixed asset.
"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
[Debit] Depreciation account [Credit] Accumulated depreciation
[Debit] Depreciation account [Credit] Asset account
Debit is to depreciation expense.
Journal Entry for an Auto Depreciation is as follows: [Debit] Depreciation Expense xxxx [Credit] Auto Asset xxxx Another way is as follows: 1 - [Debit] Depreciation Expense xxxx [Credit] Accum. Depreciation xxxx 2 - [Debit] Accum. Depreciation xxxx [Credit] Auto Asset xxxx
[Debit] Depreciation expense[credit] fixed asset.
"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
[Debit] Depreciation account [Credit] Accumulated depreciation
[Debit] Depreciation account [Credit] Asset account
debit depreciationcredit cash
[Debit] Depreciation Account [Credit] Assets Account
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
expense
Debit Depreciation Expense Credit Accumulated Depreciation
There may be more than one way to record an expense. The easiest journal to think about is when you've used cash to pay for the expense. In that case, you would debit an expense account and credit cash. But, if you've received the benefit of an expense but have not yet paid for it the debit would still be the expense account but the credit would be a liability account. Of course, there are times when cash flows but no expense is recognized such as investments in property, plant and equipment. After that expenditure is made you would recognize periodic expenses in the form of depreciation. That would be a debit to depreciation expense and a credit to accumulated depreciation.