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PREPARING PLANT ASSET RECORDS

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Presentation on theme: "PREPARING PLANT ASSET RECORDS"— Presentation transcript:

1 PREPARING PLANT ASSET RECORDS
Lesson 21-3 PREPARING PLANT ASSET RECORDS 1 2 3 1. Complete Section 1 when asset is purchased. 2. Do not complete Section 2 until asset is disposed of. 3. Record annual depreciation expense in Section 3. Lesson 21-3, page 553

2 JOURNALIZING ANNUAL DEPRECIATION EXPENSE
2 3 1 1. Depreciation Expense Debit 2. Accumulated Depreciation Credit 3. Record Adjusting Entry Lesson 21-3, page 554

3 POSTING AN ADJUSTING ENTRY FOR DEPRECIATION EXPENSE
1 2 1. Debit Depreciation Expense 2. Credit Accumulated Depreciation Lesson 21-3, page 555

4 TERMS REVIEW plant asset record Lesson 21-3, page 556

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