In order to record depreciation in a fiscal period, the adjusting entry is Debit Depreciation Expense; Credit Accumulated Depreciation.
How do you record depreciation?
Depreciation is an expense which means that it should be debited when incurred. The relevant account is the depreciation expense account.
To account for Net Book Value, this depreciation expense should then be credited to the Accumulated Depreciation account which sums up the depreciation till date.
Find out more on accumulated depreciation at https://brainly.com/question/1287985.
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