The journal entry for a right-of-use asset to record the periodic amortization includes a credit to Amortization Expense.
What is Amortization Expense?
A write-off of an intangible asset over the course of its anticipated use, or amortization expense, represents the asset's consumption. The residual asset balance decreases as a result of this write-off over time.
Almost always, amortization is computed on a straight-line basis. Since it is difficult to demonstrate that intangible assets are consumed more quickly in the first few years of their useful lives, accelerated amortization methods aren't very useful. Accounting for amortization expense involves debiting the account for amortization expense and crediting the account for cumulative amortization.
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