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    mylink's Avatar
    mylink Posts: 17, Reputation: 0
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    #1

    Mar 31, 2012, 06:54 PM
    Accounting
    Amortization for the period is 3,644. So its Acc.Amtzn credit and Amtz. Expense Debit. 2 Amtz.on moving truck 500. So its Amtz. Moving truck Debit and Acc Amtz. Moving truck Credit.What is the difference between the two questions why is one a expense and the second question is not.Please help me understand the difference between the two questions, Thanks
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Mar 31, 2012, 07:06 PM
    The amortisation of the truck is only a part of the total amortisation expense
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Mar 31, 2012, 07:13 PM
    A truck would not have amortization. It will be Depreciation. Amortization would be used on Intangible Assets.

    You will have 2 different journal entries:
    Debit Amortization Expense for 3,644
    Credit Appropriate Intangible Asset for 3,644

    Debit Depreciation Expense for 500
    Credit Accumulated Depriation - moving truck for 500
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