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Equipment is a long term asset account available for business to generate economic revenue.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoEquipment is a long term asset account available for business to generate economic revenue.
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The office equipment account is classified as?
The office equipment account is classified as an asset. Office equipment is an account that is amortized each year to show a devaluation for tax purposes.
Is equipment a debit or credit balance account?
equipment is a fixed asset.so it's a Debit balance account.
Is realisation account real account?
realization account... never heard but what i know if you sold something like equipment.. that equipment was realized.. so realization took place there
What is the accounting journal entry for Purchase equipment for 10000 cash?
Equipment (asset account) - DR 10,000 Cash / Bank account - CR 10,000
Which of the following is considered a transaction account?
equipment
What is a flooring account in relation to financing?
A flooring account is a type of short-term financing that is used specifically for equipment purchases. It is often referred to in the IT industry regarding credit lines for computer equipment purchases.
The office equipment account is classified as?
The office equipment account is classified as an asset. Office equipment is an account that is amortized each year to show a devaluation for tax purposes.
Is equipment a debit or credit balance account?
equipment is a fixed asset.so it's a Debit balance account.
What types of events make the equipment account go up Are these debits or credits to equipment?
The purchase or receipt of equipment make the equipment (ASSET) account go up. The entry is a debit to equipment and a credit to cash or accounts payable.
Is realisation account real account?
realization account... never heard but what i know if you sold something like equipment.. that equipment was realized.. so realization took place there
What is the accounting journal entry for Purchase equipment for 10000 cash?
Equipment (asset account) - DR 10,000 Cash / Bank account - CR 10,000
Which of the following is considered a transaction account?
equipment
What is the normal balance of Equipment account?
debit
Is depreciation an example of an asset?
Usually depreciation is set up as a contra account to equipment. So in Assets you have an Equipment Account and a Accumulated Depreciation-Equipment Account showing up on the Balance Sheet in the Financial Statements. Keeping the accounting equation in mind, A=L+OE, credits made in the Accumulated Depreciation-Equipment Account are debited in a Depreciation Expense account which affects the Owners Equity side of the equation. This affects the Income Statement.
If a company purchase equipment on account What is the assets here?
The asset account will be Equipment. You will debit this account to increase its value. The credit side of this transaction will be Accounts Payable. This transaction will increase the value of Accounts Payable, as well.
How often should you review your account for excess equipment?
You should review your account for excess computer equipment at least quarterly to ensure you are able to declare older assets as excess at the same time replacement equipment is ordered.
What type of equipment a teacher neeed?
u do not have to have equipment
