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In Principles of Accounting I, we learned the journal entry for depreciation is: Debit – Depreciation Expense $X,XXX                   Credit – Accumulated Depreciation - (asset) $X,XXX   1) How is depreciation recorded differently under job order costing and how would you explain the difference to a non-accountant? 2) Suppose you had to record depreciation of $700 on factory equipment and $225 on office equipment. What

In Principles of Accounting I, we learned the journal entry for depreciation is: Debit – Depreciation Expense $X,XXX                   Credit – Accumulated Depreciation - (asset) $X,XXX   1) How is depreciation recorded differently under job order costing and how would you explain the difference to a non-accountant? 2) Suppose you had to record depreciation of $700 on factory equipment and $225 on office equipment. What

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In Principles of Accounting I, we learned the journal entry for depreciation is:

Debit – Depreciation Expense $X,XXX

                  Credit – Accumulated Depreciation - (asset) $X,XXX

 

1) How is depreciation recorded differently under job order costing and how would you explain the difference to a non-accountant?

2) Suppose you had to record depreciation of $700 on factory equipment and $225 on office equipment. What would the journal entry look like? 

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