Let’s look at the different methods of calculating depreciation and how they impact your journal entries. Depreciation for the year was calculated on the straight-line method. Since the oven had no salvage value, the depreciation expense for the year is simply $10,000 divided by 10 years or $1,000 per year. Fixed asset accounting software can[…]

It’s the same basic idea as with machinery, but now we’re applying it to things you use in your office. When you ask, “What’s the journal entry for office equipment depreciation? ”, you’ll always be debiting depreciation expense and crediting accumulated depreciation. The accumulated depreciation account represents the total amount of depreciation that the company[…]