355 – Company Vehicles – Accumulated Depreciation

Fixed Assets

 

Synopsis

Account 355

Debits

Credits

  1. The accumulated depreciation on company vehicles and service vehicles when sold or otherwise removed.

  1. The monthly provision for depreciation on all company vehicles and service vehicles.

 

 

Remarks:

This account balance represents the total accumulated depreciation of company vehicles and service vehicles recorded in Company Vehicles (Account 285).

 

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

Note: