The unadjusted trial balance of Sunland Co. on June 30, 2024, includes the following selected accounts: SUNLAND CO. Trial Balance (Selected Accounts) June 30, 2024 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Debit $5600 3200 48600 Credit $4860 19000

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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.