358 – Other Assets – Accumulated Depreciation

Fixed Assets

 

Synopsis

Account 358

Debits

Credits

  1. The accumulated depreciation on other assets upon sale, disposal, or lease termination.

  1. The monthly provision for depreciation on all other assets capitalized.

 

 

Remarks:

It is recommended that the dealer obtain accounting and tax counsel in establishing proper accounting and depreciation of all assets.

 

This account balance represents the total accumulated depreciation of Other Assets recorded in Other Assets (Account 288).

 

Other Assets should be depreciated over the expected life of the asset.

Note: