purchase two massage tables for 5,000 expected what is the journal entry straight

[michelle]

line deprecation 5yrs? need to know the general journal entry

 

[Halli]

Sounds like you're talking about amortization. For monthly entries, take the 5 years and figure out how many months it is (60). The amortization for each month would then be $5000/60 = $83.33.

Monthly journal entry would be

Massage tables amortization $83.33 (debit)
Massage tables expense $83.33 (credit)
for massage tables amortization (explanation)

 

[anonimitie]

Assuming zero salvage value.

5000/60= $83.33

Monthly debit Depreciation Expense $83.33
and credit Accrued Depreciation $83.33

 

[Sandy]

At time of purchase:
Dr Massage tables $5,000
Cr Cash or Accounts payable $5,000

Thereafter, if preparing monthly accounts,
Dr Depreciation expense $83.33
Cr Accumulated depreciation $83.33

You depreciate tangible assets but you amortize intangible assets, but I notice that in America, you don't seem to follow this distinction.