353 – Parts & Accessories Equipment – Accumulated Depreciation

Fixed Assets

 

Synopsis

Account 353

Debits

Credits

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

  1. The monthly provision for depreciation on parts and accessories equipment.

 

 

Remarks:

This account balance represents the total accumulated depreciation of parts and accessories machinery, tools, and equipment recorded in Parts and Accessories Equipment (Account 283).

 

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: