Machinery purchsed entry and derpeciation charged for it?

Answers:
The purchase:

Dr. Machinery (Fixed Assets)
Cr. Cash / Accounts Payable

Depreciation:

Dr. Machinery Depreciation Expense
Cr. Machinery Accumulated Depreciation

Note that the accumulated depreciation is a contra account for the fixed assets, and what appears on the Balance sheet is the web of the two figures.

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