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KYLEE WEBB 2022 WCHS 11
on Nov 15, 2024

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When the adjustment is made for depreciation, the Depreciation Expense account is increased and the Accumulated Depreciation account is decreased.

Depreciation Expense

An accounting method of allocating the cost of a tangible asset over its useful life to account for its decrease in value over time.

Accumulated Depreciation

Represents the total amount of a company's asset depreciation expense since the asset was acquired.

  • Understand the effects of miscalculations in depreciation entries on financial reports.
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Gintoki ShirouNov 21, 2024
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