Question
Hi i'm doing general journal entries for accounting work. What does the following mean Regardless of purchase date, the policy of the company is ti
Hi i'm doing general journal entries for accounting work.
What does the following mean
Regardless of purchase date, the policy of the company is ti depreciate new assets for 15 days in the month of purchase
Assume I have all relevant information to make the necessary calculations, however the statement itself confuses me and i am not sure what that would require me to do when writing general journal entries.
Does this mean I am required to depreciate the asset on the 15th of the month or do I still depreciate at the end of the accounting period (which is a month in this case) via the normal adjusting entries for only 15 days of the month?
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