Records of the equipment purchased by Sinta Company showed: Useful life Items Qty Cost/ Unit Date Acquired Scrap Value in years Computer (2) P29,000 Sept. 1, 2018 P5,000 4 10,000 1,500 Aircon (1) Mar. 1, 2018 3,000 6. Airfan (3) Feb. 1, 2017 300 6. Direction: a) Adjusting entries on December 31, 2018 b) Financial position presentation as of December 31, 2018.

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Q: not use ai please don't

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A:

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.