Accumulated Depreciation Debit or Credit
Contra asset accounts are negative asset accounts that offset the balance of the asset account they are normally associated with. Therefore after 5 years the Equipment account has the cost of 210000 and the Accumulated Depreciation account has a credit balance of 150000. Accumulated Depreciation Meaning Accounting And More Learn Accounting Accounting Accounting And Finance The accumulated depreciation of the. . It is the total amount of an asset that is expensed on the income statement over its useful life. A Contra-asset works in the opposite. Accumulated depreciation is the running total of depreciation that has been expensed against the value of an asset. Can you please let me know where can we post this in which transaction code and what transaction type we have to use including group. Depreciation 5000 5 years 1000 per year. Accumulated depreciation is nothing but the sum total of depreciation charged until a specifie...