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Increase in Assets & increase in Liabilities
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∙ 11y ago
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What happens when equipment is purchased on credit?
assets and liabilities increase
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)
When equipment was purchased with General Fund resources what accounts would have been increased in the General Fund?
-Expenditures
Where can retail shop fitting equipment be purchased?
Shop fitting equipment can be purchased from a variety of stores. The equipment can be purchased from PRLog, Aliexpress, HKTDC, and Shop Equipment Limited.
Where can one purchase a multi track recorder?
Multi track recorders can be purchased online on sites like Amazon, and can also be purchased from dedicated Audi equipment stores. Software multitrack recorders can be purchased to run on a laptop for increased portability.
How would you enter the following data into a T account in a journal entry Purchased equipment for 9000 Paid 1500 cash and the balance was 375 dollars for 20 months?
Debit Equipment 9000 Credit Cash 1500 Credit Account payable 7500
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
If a company purchase equipment on account will the assets increase decrease or stay the same?
If the equipment is purchased on credit (on account) then the net assets will stay the same as the assets will increase by the same amount as the liabilities
What is the purchase of equipment on credit recorded by?
A debit to equipment and a credit to liability
How to post investment in common stock of 71280 purchased by paying 28890 cash and contributing computer equipment worth 42390?
Debit Cash 28890 Debit Equipment 42390 Credit Capital 71280
The purchase of equipment on credit is recorded by?
Debit to Equipment and a credit to Accounts Payable
What is the journal entry for office equipment purchased for 3000 Half was paid in cash the remaining balance will be paid in 30 days?
[Debit] Office Equipment 3000 [Credit] Cash 1500 [Credit] Accounts payable 1500 When remaining amount paid after 30 days [Debit] Accounts Payable 1500 [Credit] Cash 1500
