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Nikki4
Mar 22, 2007, 06:48 AM
Is the entry to record depreciation expense is decrease a long term asset and increases a contra long term asset?
CaptainForest
Mar 22, 2007, 12:56 PM
Is that a question?

The JE to record depreciation would be:

Debit Depreciation Expense (an I/S account) XXX
Credit Accumulated Depreciation (a contra B/S account) XXX