0
Accumulated depreciation is a credit. Source Accounting Concepts & Application:Authors Albrecht, Stice, Stice & Swain. 10th Edition
Well, the balance in the account Accumulated Depreciation will be reduced when an asset that has been depreciated is removed. As Accu. Dep. is a contra account of asset, reducing of it causes a increase in asset. In this case, Accu Dep is a debit
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is the journal entry accumulated depreciation?
[Debit] Depreciation account [Credit] Accumulated depreciation
Accumulated depreciation debit or credit?
Accumulated depreciation is a contra account for specific fixed asset so fixed assets has debit balance as normal balance so accumulated depreciation has credit balance as default balance.
How do you record annual depreciation and accumulated depreciation?
[Debit] Depreciation expense[Credit] Accumulated depreciationAfter that depreciation is shown as part of income statement while accumulated depreciation goes to balance sheet.
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.
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 is the journal entry accumulated depreciation?
[Debit] Depreciation account [Credit] Accumulated depreciation
Do you credit provision depreciation and debit accumulated depreciation?
yes
Does accumulated depreciation increase with a credit?
accumulated depreciation is an asset, so it will increase with a debit.
Is depreciation recorded by debiting the accumulated depreciation account and crediting the depreciation expense account?
Method 1 1 - [Debit] Depreciation Expense xxxx [Credit] Asset account xxxx Method 2 1 - [Debit] Depreciation Expense xxxx [Credit] Accumulated Depreciation xxxx 2 - [Debit] Accumulated Depreciation xxxx [Credit] Asset Account xxxx
Accumulated depreciation debit or credit?
Accumulated depreciation is a contra account for specific fixed asset so fixed assets has debit balance as normal balance so accumulated depreciation has credit balance as default balance.
Is Accumulated depreciation debit or credit?
Accumulated depreciation is a contra to related asset so if asset has a debit balance then it has credit balance to reduce the related asset's value.
How do you record annual depreciation and accumulated depreciation?
[Debit] Depreciation expense[Credit] Accumulated depreciationAfter that depreciation is shown as part of income statement while accumulated depreciation goes to balance sheet.
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.
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 is the entry for accumulated depreciation?
Debit depreciation accountCredit accumulated depreciation
A machine is currently recorded in the books of a business with a cost of 10000 and accumulated depreciation of 3000 the machine is sold for 8000 account for disposal?
Accounting Entry: [Debit]Cash 8000 [Debit]Accumulated Depreciation 3000 [Credit] Machine 10000 [Credit]Profit on Sale 1000
Accounting entry for capitalization of inventory as fixed assets?
Debit Depreciation Expense Credit Accumulated Depreciation
