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what is entry for depreciation?
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Answer Posted / joanna
To record a depreciation, a contra-asset account called
accumulated depreciation has to be created. So the entry is
depreciation expenses Dr
accumulated depreciation Cr
The asset to be depreciated will be still showing in full
amount in Balance sheet under assets. However, accumulated
depreciation will be showing under this asset to reduce the
existing value. The accumulated depreciation account will
not disappear until the asset is sold or being written off
fully.
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