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Journal entry for depreciation

Anonymous

∙ 15y ago

Updated: 8/22/2023

There are two main entries for this account: Let's say we have a Truck we want to depreciate for the amount of $500, the entry is pretty straight forward.

Depreciation Expense (debit) $500

Accumulated Depreciation - Truck (credit) $500

Wiki User

∙ 15y ago

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Continue Learning about General History

What are the types of journal entry?

1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry

Summary of -doctors journal entry by vikram seth?

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Why do you need to reverse a journal entry?

According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period

What is as journal entry?

Journal entry is the first record in books of accounts which shows any business transaction that occurred in past and it is also called "original entry" which provides basis for all other reports and statements.

What is another name for the general journal in accounting?

the information is entered in the general journal, which is called the book of original entry.

What is the journal entry accumulated depreciation?

[Debit] Depreciation account [Credit] Accumulated depreciation

What is journal entry for depreciation?

[Debit] Depreciation account [Credit] Asset account

What is the journal entry for depreciation expense?

Debit depreciation expenseCredit fixed asset

What is the journal entry for depreciation?

debit depreciationcredit cash

How do you record depreciation in a journal entry?

[Debit] Depreciation Account [Credit] Assets Account

What is the journal entry for depriciation?

Debit depreciation expenseCredit asset account

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 to depreciate an auto?

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

What is the impact of missing a depreciation journal entry o a financial statement?

Missing depreciation will increase the profit while reduce the expenses in the year in which depreciation is missing.

How to add depreciation to asset in quickbookS?

Journal entry is required for depreciation in quickbooks as well as FAS for peachtree also can be used to automatically record depreciation entries

Journal entry for amortization of leasehold improvement?

Debit depreciation expensesCredit leasehold improvement

Is a journal entry required when switching from straight line to sum-of-the-years'-digit?

Yes journal entry to adjust the depreciation charge is required while shifting from one method to another method.

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