Definition explanation examples and application of the rules of debit and credit. I then did the following journal entry.
Accumulated Depreciation Meaning Accounting And More Accounting Learn Accounting Accounting Principles
If the balance in building account is 500000 and the balance in accumulated depreciation building account is 150000 the building would be reported at 350000.
. I created a gainloss on asset sale account and calculated and posted the accumulated depreciation for this year. Debit Cash Credit Equity. I purchased a house for 475002500 of capitalized expenses so 50000 all cash.
Debit accumulated depreciation credit gainloss. The basic rules of debit and credit in a double entry system of accounting. Credit Cash 50k Debit.
Accumulated Depreciation Meaning Accounting And More Accounting Learn Accounting Accounting Principles
Accounting Basics Accounting Basics Accounting Learn Accounting
Depreciation Journal Entry Step By Step Examples Journal Entries Accounting Basics Accounting And Finance
Beginning Accounting Can You Take A Look At This Accounting Accounting Jobs Accounting And Finance
0 Comments