354 – Furniture & Fixtures – Accumulated Depreciation

Fixed Assets

 

Synopsis

Account 354

Debits

Credits

  1. The accumulated depreciation on furniture, signs, and equipment when sold or otherwise removed.

  1. The monthly provision for depreciation on all furniture, signs, and equipment.

 

 

Remarks:

This account balance represents the total accumulated depreciation of furniture, signs, and equipment recorded in Furniture and Fixtures (Account 284).

 

It is recommended that the dealer obtain accounting and tax counsel to aid him in determining proper depreciation rates.

Note: