all long term machinery that will be in use for at least more than one period.
[Debit] machinery account [Credit] Cash / bank Normally expenses incurred at the time of purchase of assets till it's working location is included in actual asset's account
[Debit] Machinery Asset [Credit] Cash Account
Land and Buildings; and Office Machinery A nominal account is account for income and expenses e.g Rent and rates account or subscription account.
If purchased in cash.. machinery A/C......................Dr To cash A/C If purchased on credit.. Machinery A/C.......................Dr To Suppliers A/C
I think that your credit report would be updated to show that the account was "included in a Ch 7 bankruptcy." You should be able to get a free credit report from www.annualcreditreport.com if you want to check your credit report to be sure the account's status is listed correctly.
[Debit] machinery account [Credit] Cash / bank Normally expenses incurred at the time of purchase of assets till it's working location is included in actual asset's account
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[Debit] Machinery Asset [Credit] Cash Account
Land and Buildings; and Office Machinery A nominal account is account for income and expenses e.g Rent and rates account or subscription account.
Buildings, Machinery, Equipment
Yes, all accounts should be entered unless they are marked as "paid in full" or "paid" by the creditor on your credit reports.
If purchased in cash.. machinery A/C......................Dr To cash A/C If purchased on credit.. Machinery A/C.......................Dr To Suppliers A/C
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I think that your credit report would be updated to show that the account was "included in a Ch 7 bankruptcy." You should be able to get a free credit report from www.annualcreditreport.com if you want to check your credit report to be sure the account's status is listed correctly.
In this instance the account would generally be noted as "included in bankruptcy. The impact the open account would have is insignificant, compared to the bankruptcy.
State A machinery that should be allowed to operate to a critical speed?
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