Depreciation Expense Adjusting Entries Example Help

Depreciation Expense Adjusting Entries Example, Sample, Illustration, Calculation Help Online


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What do you understand by the term Depreciation?


Whenever a company acquires a fixed asset it is recorded at cost. This cost is recognized as an asset and not as an expense. The cost is allocated as an expense over the periods in which the asset is used. This is done by recording depreciation expense. Depreciation of an asset occurs due to usage or when asset becomes obsolete. Depreciation is recorded by debiting Depreciation account and crediting Accumulated Depreciation. Depreciation is recorded at the end of the accounting period. The Adjusting Entry for Depreciation is as follows

Depreciation Expense a/c Dr.
To Accumulated Depreciation a/c

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Depreciation Expense Adjusting Entries Example Explanation


Let me explain you the accounting entry for depreciation expense with the help of an example.
Example: Suppose, a company purchases a machine costing $100000 on Jan 1, 2016 and it decided to provide depreciation @10% p.a. on original cost. Hence an adjusting entry for depreciation expense on December 31, 2016 will be

Depreciation expense a/c Dr. $10000
Accumulated Depreciation a/c $10000

The above adjusting entry will also be made at the end of the next nine years. After that the machine will be fully depreciated. The accumulated depreciation $10000 will also be shown in the balance sheet as deduction from cost of machine i.e. $100000- $10000=$90000.

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