WebJul 1, 2024 · A contra account is a negative account that is netted from the balance of another account on the balance sheet. The two most common contra accounts are the allowance for doubtful... WebFinal answer. Step 1/3. For example, Equipment A/c is a fixed asset account having a credit balance. Then, Accumulated Depreciation A/c is a Contra Account to the Equipment account. Here, the contra account contains the opposite balance to its related account. In this example, Accumulated Depreciation account has a credit balance that …
This is why the typical harmony having Obtained Depreciation is …
WebMar 19, 2024 · The term depreciation refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life. Depreciation represents how much of an asset's value... WebFeb 1, 2024 · The difference between the brand new asset’s value (cost) and you can compiled depreciation is called the publication property value the advantage. Whenever depreciation is filed inside an enthusiastic modifying entryway, Amassed Decline try paid and you may Decline Bills are debited. one4all gift card not working
Answered: ) Depreciation of Assets. a) On January… bartleby
WebAccumulated Depreciation is a(n): a. expense account. b. stockholders’ equity account. c. liability account. d. contra asset account. 3. If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: a. debit Unearned Service Revenue and ... WebMar 30, 2024 · Accumulated depreciation accounts are asset accounts with a credit balance (known as a contra asset account). It is considered a contra asset account because it contains a negative balance that intended to offset the asset account with which it is paired, resulting in a net book value. WebQUESTION 1 Accumulated Depreciation is a. an expense account. d. a contra asset account. O c. a liability account. b. an owner's equity account. This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. See Answer one4all gift card post office