Determine amount of depreciation or other expense to be recorded
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Determine amount of depreciation or other expense to be recorded
A license that is valid for 3 years is set up as a Prepaid, and written off equally over the three years to Taxes and Licenses Expense.
How do I show this in my work. Can you show the formula?
Have you learned about journal entries? Do you understand debits and credits? You would also write it off on a monthly basis at 1500/36.
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