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What is the journal entry for recording depreciation on a partnership's fixed as
What is the journal entry for recording depreciation on a partnership's fixed asset?
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Practice Questions
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Q1
What is the journal entry for recording depreciation on a partnership's fixed asset?
Debit Depreciation Expense, Credit Accumulated Depreciation
Debit Accumulated Depreciation, Credit Depreciation Expense
Debit Fixed Asset, Credit Depreciation Expense
Debit Depreciation Expense, Credit Fixed Asset
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The correct entry is to debit Depreciation Expense and credit Accumulated Depreciation.
Questions & Step-by-step Solutions
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Q
Q: What is the journal entry for recording depreciation on a partnership's fixed asset?
Solution:
The correct entry is to debit Depreciation Expense and credit Accumulated Depreciation.
Steps: 5
Show Steps
Step 1: Identify the fixed asset that is being depreciated.
Step 2: Determine the amount of depreciation for the period.
Step 3: Create a journal entry to record the depreciation.
Step 4: In the journal entry, debit the account 'Depreciation Expense' for the amount of depreciation.
Step 5: In the same journal entry, credit the account 'Accumulated Depreciation' for the same amount.
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