How does buying a plant asset affect general ledger account

A plant asset is an asset with a useful life of more than one year that is used in producing revenues in a business's operations. Plant assets are also known as fixed assets.

Plant assets are recorded at their cost and depreciation expense is recorded during their useful lives.

Plant assets (other than land) are depreciated over their useful lives and each year's depreciation is credited to a contra asset account Accumulated Depreciation.

Explanation:

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