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

  1. The total amount of Depreciation applied to Assets recorded in Account 289, Other Fixed Assets when any of these assets are sold or otherwise disposed

 

  1. The monthly provision for depreciate Other Fixed Assets held in Account 289

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.