0
Long-Term Assets, aka Fixed Assets are recorded on the Balance Sheet under PP&E or Property, Plant, & Equipment.
For Example, a truck purchased for use in a business for the amount of $5,000 would be a Fixed Asset and the transaction (if paid in cash) would be..
PP&E
Equipment-Truck (debit) $5,000
Cash (credit) $5,000
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Where do you record credit purchases of fixed assets?
in fix assets
What are debits used to record?
assets
What account is used to record the transfers of assets from a business to its stockholders is?
The dividend account is used to record transfers of assets from a business to its stockholders. It is a temporary account that closes before the end of the accounting year.
Failure to record depreciation at year end will result in an?
overstating total assets.
How do you record depreciation in a journal entry?
[Debit] Depreciation Account [Credit] Assets Account
Where do you record credit purchases of fixed assets?
in fix assets
What are debits used to record?
assets
Are longterm care health insurance policies assets that can be seized in a bankruptcy?
No...they have no liquadation value. Actually, it's not an asset...but rather an expense or liability (for the amount of the contract payment).
What is historical concept?
historical concept means tangible assets are record on the the original price, in which an assets is acquired.
What is balnce sheet?
Balance sheet is the record of Assets and Liabilities.
What happens to my financial statement if I don't record a prepayment?
The assets in the balance sheet will be understated as prepayment is under the assets account.
What account is used to record the transfers of assets from a business to its stockholders is?
The dividend account is used to record transfers of assets from a business to its stockholders. It is a temporary account that closes before the end of the accounting year.
How do you record transactions using the accounting equation?
Assets= Liabilities + Equity
Disadvantge for not maintaining a fixed asset register?
No proper record for you assets available, therefor you would not be able to estimate the value of your assets and company.
Failure to record depreciation at year end will result in an?
overstating total assets.
What is the Temporarily Restricted Net Assets journal entry?
The journal entry to record Temporarily Restricted Net Assets includes debiting the Temporarily Restricted Net Assets account and crediting the Revenue or Contribution account. This is done to recognize the restriction placed on the assets and to record the revenue or contribution that is temporarily restricted.
What is the account used to record the transfer of assets from a business to its owner?
the owner's capital account
