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When coding an invoice in the amount of 5100 which includes 4500 for new office equipment and 600 for installation what amount if any would you code to the asset account Equipment?
Wiki User
∙ 8y ago
$4500
Musooko Daniel
Latoya Stephens-Figu...
5100
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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.
What type of account is equipment?
Equipment is a long term asset account available for business to generate economic revenue.
What is the accounting journal entry for Purchase equipment for 10000 cash?
Equipment (asset account) - DR 10,000 Cash / Bank account - CR 10,000
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
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.
Can you get wow on the internet for free?
You have to pay some amount to get the WOW internet equipment. Purchasing the equipment is an expensive option, so the company sends you the equipment on a lease with a free self-installation kit. You have to return the equipment when you cancel the WOW equipment.
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 equipment a debit or credit balance account?
equipment is a fixed asset.so it's a Debit balance account.
What type of account is equipment?
Equipment is a long term asset account available for business to generate economic revenue.
What is the accounting journal entry for Purchase equipment for 10000 cash?
Equipment (asset account) - DR 10,000 Cash / Bank account - CR 10,000
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
Which of the following is considered a transaction account?
equipment
What is the normal balance of Equipment account?
debit
The purchase of office equipment on an account would increase assets and decrease liablities?
it depends...are you replacing old equipment? if so then no if by equipment you mean chairs etc.
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.
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.
