Yes if equipment is leased on rent then rental payment is expense through income statement of that specific fiscal year.
Equipment Repair Expense
You have a requirement to purchase equipment that was previously developed at Government expense and sold exclusively to the military. This type of item is:
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
Administrative expenses
Yes if equipment is leased on rent then rental payment is expense through income statement of that specific fiscal year.
An an Expense
Equipment Repair Expense
No. Freight charges are an expense item.
You have a requirement to purchase equipment that was previously developed at Government expense and sold exclusively to the military. This type of item is:
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
There are two entries to record Depreciation Expense. Say we are depreciating a TruckDebit Depreciation Expense - Equipment TruckCredit Accumulated Depreciation - Equipment TruckAt the end of the Accounting Cycle when the books are closed Depreciation Expense will be closed out, Accumulated Depreciation will not be. It remains on the books as long as the item being depreciated is in use and still listed as an Asset.
the expense of furnishing the necessary equipment
Administrative expenses
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
what is difference between tangible or intangible?
depreciation