Depreciation Expense Meaning And Explanation With Example
It is the estimated cost of Fixed Assets / Tangible N on Current Assets charged to expense during the Current Accounting Period. Depreciation Expense T Account or Ledger is prepared for recording Depreciation Expense Journal Entry and it is closed by transferring to Income Statement / Profit And Loss Account at the end of Accounting Period and hence it has no Balance. You may also be Find, “ Accumulated Depreciation ” Depreciation Expense Journal Entry During the Accounting Period, it is charged on Fixed Assets by applying Depreciation Rate under selected Depreciation Method during the Useful Life of Fixed Assets. The Accounting Journal Entry to Record it in the Journal of Business is shown below: Depreciation Expense a/c XXX ...