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Accumulated depreciation is typically shown in the Fixed Assets or Property, Plant & Equipment section of the balance sheet, as it is a contra-asset account of the company’s fixed assets. Showing contra accounts such as accumulated depreciation on the balance sheets gives the users of financial statements more information about the company. For example, if…
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Likewise, the accumulated depreciation journal entry will reduce the total assets on the balance sheet while increasing the total expenses on the income statement. By having accumulated depreciation recorded as a credit balance, the fixed asset can be offset. In other words, accumulated depreciation is a contra-asset account, meaning it offsets the value of the…
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