What is the journal entry for the depreciation of a partnership asset?

Practice Questions

Q1
What is the journal entry for the depreciation of a partnership asset?
  1. Debit Depreciation Expense, Credit Accumulated Depreciation
  2. Debit Accumulated Depreciation, Credit Depreciation Expense
  3. Debit Asset Account, Credit Depreciation Expense
  4. Debit Depreciation Expense, Credit Asset Account

Questions & Step-by-Step Solutions

What is the journal entry for the depreciation of a partnership asset?
  • Step 1: Identify the asset that is being depreciated in the partnership.
  • Step 2: Determine the amount of depreciation for the period (e.g., monthly, yearly).
  • Step 3: Create a journal entry to record the depreciation.
  • Step 4: In the journal entry, debit the 'Depreciation Expense' account for the amount of depreciation.
  • Step 5: In the same journal entry, credit the 'Accumulated Depreciation' account for the same amount.
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