The adjusted trial balance for Waterway Design Company at December 31, 2024, which is the end of its fiscal year, is as follows: Cash WATERWAY DESIGN COMPANY Adjusted Trial Balance December 31, 2024 Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue H. Waterway, capital H. Waterway, drawings Service revenue Salaries expense Supplies expense Rent expense Insurance expense Depreciation expense Totals Debit $8,740 10,160 1,940 3,360 15,120 5,720 14,700 1,260 10,080 2,020 2,500 $75,600 Credit $5,040 5,800 1,840 1,180 13,440 48,300 $75,600

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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.