The type of account and normal balance of Accumulated Depreciation are
A) contra asset, debit.
B) asset, credit.
C) asset, debit.
D) liability, credit.
E) contra asset, credit.

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra asset account, meaning it has a normal credit balance and is used to reduce the value of the asset it is associated with on the balance sheet.

The Type of Account and Normal Balance of Accumulated Depreciation