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LESSON 18-3

LESSON 18-3. Journalizing Depreciation Expense. 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.

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LESSON 18-3

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  1. LESSON 18-3 Journalizing Depreciation Expense

  2. 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. LESSON 18-3

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

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

  5. TERM REVIEW page 545 • plant asset record LESSON 18-3

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