359 Accumulated Depreciation - Other
Liabilities
Contra Assets
Synopsis
Account 359 is established to record the total Depreciation of assets which are recorded in Account 289, Other Fixed Assets.
Debits |
Credits |
|
|
Example 1
Record the monthly provision of $1,000 for depreciation of other fixed assets.
Journal: Standard Entries Journal
Entry: |
|
Debit |
Credit |
Account 091-09 |
Depreciation – Equipment – General & Administrative |
$1,000 |
|
Account 359 |
Accumulated Depreciation – Other |
|
$1,000 |
Comments
This account is provided to show accumulated depreciation on all of the assets included in Account 289, Other Fixed Assets.
Note:
Professional tax and accounting advice should be obtained regarding the proper method of depreciation, which can be applied to Other Fixed Assets.