Asked by
KYLEE WEBB 2022 WCHS 11
on Nov 15, 2024Verified
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.
Verified Answer
GS
Learning Objectives
- Understand the effects of miscalculations in depreciation entries on financial reports.