The adjusted trial balance of the FIND Company as at December 31, 2023 follows: FIND Company Adjusted Trial Balance December 31, 2023 Cash Accounts Receivable Merchandise Inventory, January 1 Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation Accounts Payable Find, Capital P31,000 83,000 627,000 54,000 68,000 370,000 P50,000 58,000 517,000

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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.