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depreciation is sank i learned in enterprise at school today lool xxx
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When a company records depreciation it debits?
debits expense accounts and credits contra accounts
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.
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).
Are Liability accounts are increased by debits?
No Liabilities will not be increased they will be decreased by debits
Are accounts normally decreased by debits?
All credit accounts are decrease by debits while all debit accounts are increased by debits and vice versa.
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
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.
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).
What is bad debits?
bad debit are debit which are incurred at a period of the year as a result of debits not paying not paying for services rendered to then their supply by the close of the period which is normally one accounting year. this debit are written off as bad because creditors assumed debits can not pay the amount own to them by the creditors or suppliers.
Credits are generally good and debits are generally bad?
False
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.
As depreciation is to fixed assets what is the same analogous to debtors?
Bad debt
Are Liability accounts are increased by debits?
No Liabilities will not be increased they will be decreased by debits
Are accounts normally decreased by debits?
All credit accounts are decrease by debits while all debit accounts are increased by debits and vice versa.
When a customer returns merchandise purchased on credit the retailer debits?
1. Debits Sales Returns, credits Cash 2. Debits Inventory, credits COGS
What is done to check the equality of debits and credits?
done to check the equality of debits and credits
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.
