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I am a business broker of equipment. End users of equipment come to me and request my services to procure the purchase of equipment. I research the equipment they are looking to buy. I find a manufacturer or vendor that has the equipment. I obtain a price quote from the manufacturer for the equipment. I invoice the end user for the cost of the equipment including my broker's fee. The end user wire transfer the amount of funds into my account. Upon receipt of the funds I purchase thse equipment from the manufacturer and it is shipped directly to the end user. What accounting journal entry would I make to record invoicing the end user, receiving the funds from the end user and the purchase of the equipment from the manufacturer. Thank you for your assistance.
Travis
Wiki User
∙ 11y ago
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Debit cash / bankCredit equipment
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debit equipment accountcredit donation
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debit equipmentcredit accounts payable
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How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
How do you record a journal entry for donating equipment?
debit equipment accountcredit donation
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debit equipment accountcredit cash / bank
Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
How do you write Journal entry for equipment rent to somebody?
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
What is the journal entry a company would record when it purchases equipment and pays cash?
[Debit] Equipment account [Credit] Cash / bank
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[Debit] Debt Account xxxx [Credit] Asset/Equipment xxxx
Why you post journal entry?
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What is the purpose of journal entry?
A journal records what you're findings are
You record the debit entry for transaction a 5 1 in the journal as?
You record he credit entry for transaction (a) 5/1 in the journal as
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
What is journal entry owner widraws equipment from business?
debit drawingscredit equipment
