October 30, 2016 admin

Other Assets—Accumulated Depreciation

Assets

OTHER ASSETS—ACCUMULATED DEPRECIATION ASSET ACCOUNT
1837

ACCOUNT EXPLANATION
Accumulated depreciation on depreciable assets in Account 1830, Other Assets.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Monthly provision for depreciation on other assets SE
    Other Deductions 9450
      Other Assets—Accumulated Depreciation 1837
COMMENTS
  • Detailed fixed asset depreciation records should support this account.
  • Useful lives of depreciable assets vary according to the type of asset, use, and other factors. Guidelines issued by federal tax authorities contain allowable methods and rates of depreciation. Tax counsel should be consulted before adopting depreciation methods and rates.