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

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Question: What is the journal entry for depreciation on a partnership asset?

Options:

  1. Debit Depreciation Expense, Credit Accumulated Depreciation
  2. Debit Accumulated Depreciation, Credit Depreciation Expense
  3. Debit Asset, Credit Depreciation Expense
  4. Debit Depreciation Expense, Credit Asset

Correct Answer: Debit Depreciation Expense, Credit Accumulated Depreciation

Solution: 

The correct entry is to debit depreciation expense and credit accumulated depreciation to reflect the reduction in asset value.

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

Practice Questions

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

Questions & Step-by-Step Solutions

What is the journal entry for depreciation on 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: Credit the 'Accumulated Depreciation' account for the same amount to show the reduction in asset value.
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