What two accounts are affected by each of these adjustments? billed customers for services provided adjusted prepaid insurance to correct recorded depreciation expense recorded unpaid utility bill adjusted supplies inventory to correct

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video