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Question - Mandy Jones works for Perk Biscuit Co. She and Olivia Grey, her manager, are preparing adjusting entries for annual financial statements. Jones computes depreciation and records it as
Depreciation Expense - Equipment 73,000
Accumulated Depreciation - Equipment 73,000
Grey agrees with her computation but says the credit entry should be directly to the Equipment account. Grey argues that while accumulated depreciation is technically correct, "it is less hassle not to use a contra account and just credit the Equipment account directly. And besides, the balance sheet shows the same amount for total assets under either method."
Required - How should depreciation be recorded and who is correct in your opinion?
Financial Statement Analysis and Preparation
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