This is possible because Accumulated Depreciation is credited each time that Depreciation Expense is debited. Since Accumulated Depreciation will have a continually increasing credit balance it is referred to as a contra asset account ..
Related posts to accumulated depreciation credit or debit
The accumulated depreciation account has a credit balance. It is a contra-account, meaning it reduces the value of an asset account. To record depreciation expense, a corporate accountant debits the depreciation expense account and credits the accumulated depreciation account..
Prior to this transaction, the balance in the Accumulated Depreciation account was a credit balance of $380,000. The asset's current period depreciation of $500 increased the account's credit balance to $380,500..
On the Unadjusted Trial Balance given information : Accumulated Depreciation - Credit of show more For the life of me I can't figure this out and how they got this: Information: The useful life of equipment is 8 years and the company uses the straight line method and there is no salvage value..
Accumulated depreciation is a credit. Source Accounting Concepts Application:Authors Albrecht, Stice, Stice Swain. 10th Edition Well, the balance in the account Accumulated Depreciation will be reduced when an asset that has been depreciated is .