Question

What is the accumulated depreciation credit balance for this machine as of december 31, 2017?

Answer 1

The total amount of depreciation expense attributed to a particular asset since the asset was put into use is known as accumulated depreciation.

What is an example of accumulated depreciation?

• Consider an asset that has been in use for five years and has accumulated $100,000 in depreciation.
• If the asset is sold after the five-year period, the account must be zeroed out because the asset is no longer necessary for the business.

What does the accumulated depreciation journal entry look like?

• The book value of an asset is zero when the total depreciation equals the asset's purchase price, at which point the asset can no longer be depreciated.
• By debiting the depreciation expense account and crediting the accumulated depreciation, the accumulated depreciation journal entry is made.

Learn more about accumulated depreciation

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