The following balance sheets and income statement were taken from the records of Rosie-Lee Company: Additional transactions were as follows: a. Sold equipment costing $21,600, with accumulated depreciation of $16,200, for $3,600.
Why is accumulated depreciation a credit balance?
Depreciation: How to Decode Now - Complete Finanical Statements Guide
Why Does Accumulated Depreciation Have a Credit Balance on the Balance Sheet ?
Adequate Disclosure: Contra Accounts: For Assets, Liabilities & Equity