LESSON 18-3 Journalizing Depreciation Expense

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Presentation transcript:

LESSON 18-3 Journalizing Depreciation Expense 12/8/2018 LESSON 18-3 Journalizing Depreciation Expense Original created by M.C. McLaughlin, Thomson/South-Western Modified by Deborah L. Burns, Johnston County Schools, West Johnston High School

PREPARING PLANT ASSET RECORDS page 542 1 1. Write the information in Section 1 when the asset is purchased. 2 2. Do not write in Section 2 until the asset is disposed of. 3 3. Each year the asset is owned, record the year’s annual depreciation expense in Section 3. Calculate and record accumulated depreciation and ending book value. An accounting form on which a business records information about each plant asset is called a plant asset record LESSON 18-3

JOURNALIZING ANNUAL DEPRECIATION EXPENSE page 543 2 3 1 1. Depreciation Expense debit 2. Accumulated Depreciation credit 3. Record adjusting entry LESSON 18-3

POSTING AN ADJUSTING ENTRY FOR DEPRECIATION EXPENSE page 544 1. Debit Depreciation Expense. 2. Credit Accumulated Depreciation. 1 2 LESSON 18-3

TERM REVIEW page 545 plant asset record LESSON 18-3