Accountancy, asked by aayushigohil073, 10 months ago

is depreciation an asset or an expense?

Answers

Answered by amayra14

2

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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