The Journal Entry To Record Depreciation On Factory Equipment Or Machinery Is To

The journal entry to record depreciation on factory equipment or machinery is to debit a depreciation on factory equipment or machinery expense account and a credit to Accumulated Depreciation Account for factory equipment or machinery.

The entry to record is shown below:

Depreciation on Factory Equipment or Machinery Expense a/c  XXX

                                               Accumulated Depreciation - Factory Equipment or Machinery a/c  XXX

 

                                        (Depreciation On Factory Equipment Or Machinery Recorded)

 

Depreciation on Factory Equipment or Machinery Expense Account is recorded in Income Statement while Accumulated Depreciation - Factory Equipment or Machinery Account is a Contra Asset Account which is deducted from the cost of factory equipment or machinery on balance sheet.