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How do you record in a manual accounting system the transaction of buying equipment from say company A for 32500incl and paying a deposit of 6000 and borrowing the balance from the bank. Help please?
Wiki User
∙ 10y ago
[Debit] Equipment 32500
[Credit] Cash 6000
[Credit] Loan from bank 26500
Wiki User
∙ 10y ago
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What if a balance sheet doesn't balance?
This can mean that either you got the maths wrong, or that the business has not accounted for one or more transactions. Ex: Company purchased $2,000 in equipment in cash. You Debit the equipment, but forget to Credit the cash balance. That incorrect transaction would cause the accounting equation to be incorrect. The accounting equation is... Assets = Liability + Owner Equity
Which of the following is considered a transaction account?
equipment
How much does it cost to borrow a paintball gun and safety equipment for a day?
It depends on who you are borrowing it from.
Which is the main transaction you will use to maintain equipment records in SAP?
IQ02
If a company purchase equipment on account What is the assets here?
The asset account will be Equipment. You will debit this account to increase its value. The credit side of this transaction will be Accounts Payable. This transaction will increase the value of Accounts Payable, as well.
Which Accounting standard governs treatment of property and equipment?
IAS - 16 Property, Plant and Equipment deals with matters governing of property and equipment.
What is equipment in accounting?
Equipment is any tool which business use to earn revenue and use in production of goods to be sold.
What is construction accounting?
Construction accounting is simply methods of accounting and finance applied the construction industry. Lots of factors have to be taken into account including labor costs, supplies, equipment etc.
What are the accounting journal entries to record donated equipment?
debit assetcredit donations
What are the accounting journal entry to record the exchange of debt for equipment?
[Debit] Debt Account xxxx [Credit] Asset/Equipment xxxx
What kind of tools or equipment does a chartered accountant use?
Offices equipment such as computers , telephones ,photocopies and fax machines an accounting software
What are the accounting journal entries to record installiation of equipment?
debit installation chargescredit cash
