Annual depreciation is $3,600 on the building and $3,000 on equipment. How should this be posted in the gen jrl and t acct. HELP? Cannot find a good example in the text that applies, Is this a single entry?
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Annual depreciation is $3,600 on the building and $3,000 on equipment. How should this be posted in the gen jrl and t acct. HELP? Cannot find a good example in the text that applies, Is this a single entry?
You can do a compound entry:
Debit Depreciation Expense for the total amount
Credit Accumulated Depreciation - Building for 3,600
Credit Accumulated Depreciation - Equipment for 3,000
Thank you, I actually did Debit depreciation for 550, Credit Acc Dep Bldg for 300 and Credit Dep Eq for 250 and it worked out perfectly. I REALLY appreciate your help!
Thx for your quick response !
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