The journal entry for depreciation is: Debit to the income statement account Depreciation Expense Credit to the balance sheet account Accumulated Depreciation The income statement account Depreciation Expense is a temporary account. Therefore, at the end of each year, its balance is closed and the ac...
The journal entry to recorddepreciation expenseconsists of a debit to Depreciation Expense and a credit to Accumulated Depreciation.───记录折旧的会计分录包括借记折旧费账户和贷记累计折旧账户。 truck does not enter into the computation ofdepreciation expenseuntil the very end.───注意该运输卡车的预...
Then, using the straight-line method with $0 salvage value and 10 years of useful life, the journal entry for recording depreciation expense at the end of the year would look like: AccountDebitCredit Depreciation expense $2,500 Accumulated depreciation $2,500 Gain better visibility into your...
The journal entry to record depreciation expense is:A.debit Depreciation Expense, credit the asset account.B.debit Accumulated Depreciation, credit the asset account.C.debit the asset account, credit Accumulated Depreciation.D.debit Depreciation Expense,
Depreciation Expense Meaning of Depreciation : Profit and Loss Report Accumulated Depreciation Meaning of Depreciation : Balance Sheet meaning of depreciation journal entry Using Margie’s example above here is the depreciationjournal entry: Meaning of Depreciation Journal Entry ...
Journal entriesDepreciation expense can be recorded using the following journal entry:Depreciation expense XYZ Accumulated depreciation XYZThe credit is always made to the accumulated depreciation, and not to the cost account directly.Straight-line depreciation can also be calculated using Microsoft Excel...
Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples. Related to this Question Explain how to calculate and record depreciation expense under the units-of-activity method. ...
The journal entry to record depreciation results in a debit to depreciation expense and a credit to accumulated depreciation. The dollar amount for each line is equal to the other. There are two main differences between accumulated depreciation and depreciation expense: Depreciation expense is ...
The journal entry for depreciation can be a simple entry designed to accommodate all types of fixed assets, or it may be subdivided into separate entries for each type of fixed asset. The basic journal entry for depreciation is to debit the Depreciation Expense account (which appears in the in...
Which of the following statements incorrectly describes the effect of this journal entry on the financial statement? a. Stockholders equity decreases by the amount of the debit to interest expense. b. Assets decrease by the amount of credit to cash. c. Th ...