Accountancy, asked by pvarshney910, 3 months ago

Depreciation on furniture entry

Answers

Answered by Simrankaur1025

Explanation:

The basic journal entry for depreciation is to debit the Depreciation Expense account (which appears in the income statement) and credit the Accumulated Depreciation account (which appears in the balance sheet as a contra account that reduces the amount of fixed assets).

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