Depreciation Basics With Journal Entries

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com. . In this video you’ll learn how Depreciation works in Accounting. We’ll work through a Straight Line Depreciation example and explore the Journal Entries that need to be posted. Others depreciation methods include…. . ▪ Straight Line Depreciation Method → https://youtu.be/iruD9KTNnNc. ▪ Double-Declining Balance Method → https://youtu.be/M-VzJ51zZoM. ▪ Sum of the Year’s Digits Method → https://youtu.be/Q03t8vuRMwo. ▪ Units of Production Method → https://youtu.be/QJk6DgML0BQ. . This episode of Accounting Stuff is part of a mini-series on Depreciation in Accounting. You can find the link to the whole playlist here ⬇️. . 🔗Full Depreciation Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l324hTFoBXWq9T3tUY_LUrn2. . 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel. . ⏱️TIMESTAMPS. 00:00 – Intro. 00:29 – What is Depreciation?. 01:09 – Why do we Depreciate?. 01:11 – Accrual Method of Accounting. 01:43 – Adjusting Entries Definition. 02:03 – How does Depreciation work?. 02:21 – Capitalization Definition. 02:43 – Depreciation Methods. 03:39 – Depreciation Schedule. 04:01 – How to record Depreciation using Journal Entries. 04:05 – Journal Entry Definition. 04:11 – DEALER (Accounting Acronym). 04:43 – How to Capitalize an Asset. 06:28 – How to Record a Depreciation Expense using Journal Entries. 08:03 – Contra Asset Definition. 10:36 – Clearing Journal Entry. . 🔝 CLOUD ACCOUNTING SOFTWARE. ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z. ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa. ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada. . 🔎FAQ. ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m. . 🚶FOLLOW ME ON. ▪ Instagram → https://www.instagram.com/accountingstuff. ▪ TikTok → https://www.tiktok.com/@accounting_stuff. ▪ Facebook → https://www.facebook.com/thisisaccountingstuff/. . 🎬LEARN ACCOUNTING BASICS FOR FREE. ▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb. ________________________. DISCLAIMER . . Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! . ________________________. . #accounting #accountingbasics #accountingstuff