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Is equipment an asset or liability?
Asset
Is rented equipment considered an asset?
Rented Equipment is not an asset. If there is a refundable security deposit, that amount would be posted as an asset. The rental payments are usually posted to Equipment Rental Expense and no further accounting is necessary.
Unearned rental income is disclosed under which section of the Balance Sheet?
unearned rental income is disclosed under which part? asset or liability?
How does the purchase of equipment by signing a note affect the accounting equation?
asset increased, liability increased
Journal entry for purchases?
Example 1: A company purchased $12,000 equipment and paid in cash.Debit Equipment $12,000 (Increase in asset)Credit Bank $12,000 (Decrease in asset)Example 2: A company purchased $12,000 equipment in credit.Debit Equipment $12,000 (Increase in asset)Credit Supplier $12,000 (Increase in Liability)Example 3: A company purchased $12,000 equipment and paid in $10,000 Cast and $2,000 on credit.Debit Equipment $ 12,000 (Increase in asset)Credit Bank $ 10,000 (Decrease in asset)Credit Supplier $ 2,000 (Increase in Liability)
Is equipment an asset or liability?
Asset
Is equipment liability or asset?
Asset
Is rented equipment considered an asset?
Rented Equipment is not an asset. If there is a refundable security deposit, that amount would be posted as an asset. The rental payments are usually posted to Equipment Rental Expense and no further accounting is necessary.
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
Unearned rental income is disclosed under which section of the Balance Sheet?
unearned rental income is disclosed under which part? asset or liability?
What is rental liability?
rental liability
How does the purchase of equipment by signing a note affect the accounting equation?
asset increased, liability increased
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Journal entry for purchases?
Example 1: A company purchased $12,000 equipment and paid in cash.Debit Equipment $12,000 (Increase in asset)Credit Bank $12,000 (Decrease in asset)Example 2: A company purchased $12,000 equipment in credit.Debit Equipment $12,000 (Increase in asset)Credit Supplier $12,000 (Increase in Liability)Example 3: A company purchased $12,000 equipment and paid in $10,000 Cast and $2,000 on credit.Debit Equipment $ 12,000 (Increase in asset)Credit Bank $ 10,000 (Decrease in asset)Credit Supplier $ 2,000 (Increase in Liability)
Is asset or liability?
asset
What is off-balance sheet financing?
The most common example would be a lease of equipment. Since the equipment is treated like a rental, the asset and the corresponding liability are not shown on the balance sheet. Lease payments are expensed as paid and the lease obligation would be disclosed in a note to the financial statement.
Is rent income a asset liability or owners equity?
asset liability
