352 – Service Equipment – Accumulated Depreciation

Fixed Assets

 

Synopsis

Account 352

Debits

Credits

  1. The accumulated depreciation on service machinery, permanent tools, and equipment when sold or otherwise removed.

  1. The monthly provision for depreciation on service machinery, permanent tools and equipment.

 

 

Remarks:

This account balance represents the total accumulated depreciation of service machinery, permanent tools, and equipment recorded in Service Equipment (Account 282).

 

 

Rates of depreciation vary according to the type of equipment, use, and other factors.  It is recommended that the dealer obtain outside accounting and tax counsel to aid in determining proper depreciation rates.

 

Note: