Journal entries for depreciation?

Question

Accepted Answer

Journal entries for depreciation involve recording the decrease in value of an asset over time.

Depreciation is recorded as an expense on the income statement and as an accumulated depreciation on the balance sheet.
The journal entry for depreciation typically involves debiting the depreciation expense account and crediting the accumulated depreciation account.
For example, if a company's equipment has a depreciation expense of $1,000, the journal entry would be: Debit Depreciation Expense $1,000 and Credit Accumulated Depreciation $1,000.
Depreciation can be calculated using various methods such as straight-line, declining balance, or units of production method.
Each method may require different journal entries to record the depreciation expense.
It is important to consult accounting standards and guidelines to ensure accurate recording of depreciation.

Accepted Answer

Depreciation a/c Dr

To cash a/c

Accepted Answer

Depreciation account debit

To fixed assets account

Accepted Answer

Depreciation account debit

To asset account

Accepted Answer

Depreciation a/c Dr

To Fixed asset a/c

Accepted Answer

Depreciation a/c Dr

To Fixed asset a/c

Accepted Answer

Depression a/c Dr

To fixed asset a/c

Accepted Answer

Depreciation A/C dr

To Fixed Asset

Accepted Answer

Depreciation is a reduction in an asset for due to time lapse ,Depreciation A/c Dr

To Fixed Asset A/c. Cr

Accepted Answer

Depreciation a/c Dr

To fixed asset a/c

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