This editable lesson explains the depreciation of fixed assets and presents two methods of accounting for depreciation. Through a series of examples, students learn how to depreciate a fixed asset over a specific time frame and account for the depreciation expense and accumulated depreciation. After the lesson, students complete spreadsheet questions to solidify their understanding of adjustments.

TOPICS COVERED:

• Straight-line method of depreciation
• Declining balance method of depreciation
• Depreciation Expense account
• Accumulated Depreciation account

ASSIGNMENT:

There are seven homework spreadsheet questions (all with answer keys):

• Questions 1 to 5: Short answer theory questions about depreciation
• Questions 6 & 7: Longer answer questions where students use depreciation methods to calculate the book value of an asset and journalize the adjusting entries (Depreciation Expense and Accumulated Depreciation)

THIS RESOURCE INCLUDES:

• Slide deck lesson (Google Slides™)
• Video explanation of the lesson (teaching guide)
• Depreciation assignment (Google Sheets™), including answer key

This resource is part of the Intro to Accounting full course bundle.

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