Question

For long-lived assets that have been in use for more than one accounting period, depreciation expense on the ______ accumulated depreciation on the ______.

Answer 1

Answer:

For long-lived assets that have been in use for more than one accounting period, Depreciation Expense on the debit. Accumulated Depreciation on the credit.

Explanation:

Therefore, the entry that was made by the accountant, assets and stockholders' equity will be decreased.