Ask Experts Questions for FREE Help !
Ask
    soul of passion's Avatar
    soul of passion Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 1, 2009, 06:13 PM
    How do I adjust an asset by depreciation I fi already have a provision for depreciat
    How do I adjust an asset if I already have a provision for depreciation account in the trial balance
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Mar 3, 2009, 04:21 PM

    YOu need to know the depreciation method of the asset, the cost of the asset, the salvage value of the asset and the useful life of the asset, has well as the number of years it has been depreciated.

    The journal entry to record the depreciation is:
    Debit Depreciation Expense for the amount of depreciation.
    Credit Accumulated Depreciation for the amount of depreciation.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Define asset use, asset exchange, asset source and claims exchange [ 8 Answers ]

Define asset use, asset exchange, asset source and claims exchange

Depreciation is allocated based on the cost of a non-current asset.What is the defini [ 2 Answers ]

Depreciation is allocated based on the cost of a non-current asset.What is the definition of cost in this context

Depreciation of fixed asset [ 1 Answers ]

Which account is creditted when recording depreciation of a fixed asset?

View more questions Search