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 is accumulated depreciation a debit or credit
In accountancy, depreciation refers to two aspects of the same concept: The decrease in value of assets fair value depreciation The allocation of the cost of assets .
Truck Income Summary Fuel Expense. Dec. 1 17,000 Dec. 27 200 . Bal. 17,000 Bal. 200 Accumulated DepreciationTruck Rent Expense.
Debit refers to the left side of an account and credit refers to the right. In this lesson, learn the rules of debits and credits and how to use them in accounting .
Chapter 3 6 T. Nora Aldawood The data needed to determine year-end adjustments are as follows: A. Depreciation of building for the year, $2.100..