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What action did farmers take when they bought equipment on credit and were unable to pay their loans?
Wiki User
∙ 11y ago
They sold equipment
Wiki User
∙ 11y ago
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What is the purchase of equipment on credit recorded by?
A debit to equipment and a credit to liability
Why do farmers need credit?
farmers need credit for purchasing seeds fertilizer,insectisides nd pestisides etc for the bettrmnt of their crops..... thnxx by H.J.
You dont have a credit card can you still get your credit score?
If you have never bought anything on credit, you do not have a credit score.
Do you need a credit card to exchange something you bought with a credit card?
yes
Who bought hsbc credit card portfolio?
capital one
Is equipment debit or credit?
equipment is a long-term asset and assets increase with debits and decrease with credits. So if you buy equipment, you will debit equipment and credit cash if you bought it with cash. If you bought the equipment with a promise to pay (I was trying to avoid using the phrase "bought on credit" because it might make things confusing), you will credit accounts payable in liabilities because they increase with credit (basically the amount of money you are "liable" for just went up! Good news is that you have the equipment you needed/wanted) In the end, Assets = Liabilities + Stock Holder's equity has to balance out!
What is the purchase of equipment on credit recorded by?
A debit to equipment and a credit to liability
What is a journal entry to buy equipment with common stock?
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
The purchase of equipment on credit is recorded by?
Debit to Equipment and a credit to Accounts Payable
What do the letters ECOA stand for?
Equal Credit Opportunity Act Equal Credit Opportunity Act Enemy Courses of Action The Equipment Company Of America E-mail Change Of Address
When was Credit Action created?
Credit Action was created in 1994.
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
Why do farmers need credit?
farmers need credit for purchasing seeds fertilizer,insectisides nd pestisides etc for the bettrmnt of their crops..... thnxx by H.J.
You dont have a credit card can you still get your credit score?
If you have never bought anything on credit, you do not have a credit score.
Where do you get equipment needed to run credit cards and what is the cost?
The type of equipment you will need to run credit cards first depends on the situations in which you take credit cards, be it in-person or
Do you need a credit card to exchange something you bought with a credit card?
yes
What kind of problems did the farmers face after world war 1?
Following World War I, farm production was down in Europe, in the United States President Hoover encouraged the farmers to step up production. Prices increased and farmers used credit to purchase more land and equipment to take advantage. However, the easy credit resulted in the crash, and prices began to plummet. The actual depression caused even more of a drop, prompting the need for government programs.
