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which account is credited in a journal entry to record depreciation on machinery?

Straight-line depreciation is the easiest method, as you evenly spread out the asset’s cost over its useful life. For example, if we want to increase investment in real estate, shortening the economic lives of real estate for taxation calculations can have a positive increasing effect on new construction. If we want to slow down new production, extending the economic life can have the desired slowing effect. In this course, we concentrate on financial accounting depreciation principles rather than tax depreciation.

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Using either of the two below will provide you with the same result. Conversely, if I hand you $1,000 in cash at the end of the year,

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bookkeeping job description

We are recruiting for a Bookkeeper to manage our company day to day financial tasks. You will be responsible for both accounts payable and receivable along with all payroll and bank account management and reconciliation tasks.

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