Q.12RQ - Horngren'S Financial And Managerial Accounting

Question

Question :In the recording of depreciation expense, which account is credited?

Step-by-Step Solution

Answer

Answer

The accumulated depreciation account is credited. 

Step 1: Explanation of Depreciation Expense

It is the process of allocating the cost of fixed assets over the asset's useful life. It is reported in the income statement as an expense

Step 2: Journal Entry for Depreciation Expense

Depreciation expense is recorded by debiting depreciation expense and crediting accumulated depreciation expense.