[GNC] Asset vs Equity accounts? (Stan Brown)

[Adrien Monteleone]

Generally yes, but that usually is not done for a personal vehicle 
unless you are allowed to do so for some type of credit or deduction on 
taxes. Businesses routinely depreciate their fleets however. The rules 
are varied and myriad as to what you are allowed to do.

Regards,
Adrien

On 2/15/21 4:12 PM, Larry Long wrote:
>   Stan,
> You gave an excellent intro into the fundamentals of accounting (and GnuCash)!I would like to follow up with a basic question of my own.
> Let's say that I have added my new car's value to Assets and my auto loan to Liabilities.After a year, I log the car's depreciation as a reduction to it's account in Assets.Where is the account for the offsetting depreciation amount?Is that an expense?