I should have been more clear - yes the basic entries I know.
DR depreciation expense
CR accum dep
What if the purchase was financed? Its been many years since my classes and this is the first time I've had this come up. (Im in private not public accounting) Do I just replace the CR to cash with a credit to lease payable? and then offset the lease payable with the payments? I just want to make sure Im not missing something here.