The April 30, 2024, adjusted trial balance of The Grind Finale Inc. is shown below. ACCOUNT Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation, Equipment The Grind Finale Inc. Adjusted Trial Balance April 30, 2024 Accounts Payable Unearned Service Revenue Salaries Payable Notes Payable Common Shares Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Depreciation Expense, Equipment Utilities Expense Supplies Expense Total DEBIT $ 5,600 700 2,300 450 35,000 4,500 21,900 5,500 1,650 415 250 $78,265 CREDIT $ 2,700 900 300 525 4,000 8,500 19,355 41,800 185 $78,265

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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.