Balance sheet date

Just as assets are categorized as current or noncurrent, liabilities are categorized as current liabilities or noncurrent liabilities. Typically, a balance sheet will be prepared and distributed on a [...]

Is Depreciation Expense Debit or Credit?

We credit the accumulated depreciation account because, as time passes, the company records the depreciation expense that is accumulated in the contra-asset account. However, there are situations when the [...]

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