Journal entry is recording of all accounting transaction in a chronological order. Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset. Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset. We have to determine the journal entry for the given transaction.

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Chapter 10, Problem 13QS

To determine

Concept Introduction:

Journal entry is recording of all accounting transaction in a chronological order.

Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset.

Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset.

We have to determine the journal entry for the given transaction.

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