Depreciation Expense is defined as: total amounts owed to creditors for loaning money to the company. costs of assets acquired in one period that will be expensed in a future period, O amount shareholders have invested in the business. the process of allocating the cost of an asset, such as equipment, to expense over the useful life of the asset. O cash in advance from a customer for products or services to be provided in the future. amounts the company expects to collect from customers based on the delivery of service or products