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PREPARING PLANT ASSET RECORDS



                                                            1

                                                            2

                                                            3




1. Complete Section 1 when asset is purchased.
2. Do not complete Section 2 until asset is disposed of.
                                                            Lesson 21-3, page 555
3. Record annual depreciation expense in Section 3.             © South-Western
                                                           Educational Publishing
JOURNALIZING ANNUAL DEPRECATION EXPENSE




                                                          2
                                     1

                                         3   3




1. Depreciation Expense Debit
2. Accumulated Depreciation Credit
                                                  Lesson 21-3, page 556
3. Record Adjusting Entry                             © South-Western
                                                 Educational Publishing
POSTING AN ADJUSTING ENTRY FOR DEPRECIATION
EXPENSE




                            1. Debit
                               Depreciation
                     2
                               Expense
                1           2. Credit
                               Accumulated
                               Depreciation




                                         Lesson 21-3, page 557
                                             © South-Western
                                        Educational Publishing
TERMS REVIEW
 plant asset record




                       Lesson 21-3, page 558
                           © South-Western
                      Educational Publishing

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Les 21 3

  • 1. PREPARING PLANT ASSET RECORDS 1 2 3 1. Complete Section 1 when asset is purchased. 2. Do not complete Section 2 until asset is disposed of. Lesson 21-3, page 555 3. Record annual depreciation expense in Section 3. © South-Western Educational Publishing
  • 2. JOURNALIZING ANNUAL DEPRECATION EXPENSE 2 1 3 3 1. Depreciation Expense Debit 2. Accumulated Depreciation Credit Lesson 21-3, page 556 3. Record Adjusting Entry © South-Western Educational Publishing
  • 3. POSTING AN ADJUSTING ENTRY FOR DEPRECIATION EXPENSE 1. Debit Depreciation 2 Expense 1 2. Credit Accumulated Depreciation Lesson 21-3, page 557 © South-Western Educational Publishing
  • 4. TERMS REVIEW plant asset record Lesson 21-3, page 558 © South-Western Educational Publishing