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What is the journal entry for recording depreciation on a partnership's asset?
What is the journal entry for recording depreciation on a partnership's asset?
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Practice Questions
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What is the journal entry for recording depreciation on a partnership's asset?
Debit Depreciation Expense, Credit Accumulated Depreciation
Debit Accumulated Depreciation, Credit Depreciation Expense
Debit Asset Account, Credit Depreciation Expense
Debit Depreciation Expense, Credit Asset Account
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The correct entry is to debit Depreciation Expense and credit Accumulated Depreciation to record the depreciation.
Questions & Step-by-step Solutions
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Q
Q: What is the journal entry for recording depreciation on a partnership's asset?
Solution:
The correct entry is to debit Depreciation Expense and credit Accumulated Depreciation to record the depreciation.
Steps: 6
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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.
Step 6: Review the journal entry to ensure it is correct before posting it to the ledger.
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