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What purchase of supplies on account is recorded in the?
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
Give a example of Increase an asset and increase a liability.?
When we purchase fixed asset on credit then it increases our Assets and also increase liability. Transaction as follows: Asset [Debit] Payable [Credit]
What is the journal entry for purchase of an asset?
[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx
Is purchase for resale is an expenses?
No. Purchases for resale is treated as current asset.Accounting entry:Step 1: Purchase of equipments for resale in cashDebit Equipments (Increase in asset)Credit Cash (Decrease in asset)Step 2: Resale of equipments in cashDebit Cash (Increase in asset)Credit Equipment (Decrease in asset)
Journal entry of credit purchase of asset?
Debit assetsCredit accounts payable
Where to purchase a good credit score from someone?
You cannot purchase your personal credit record from someone else. It is your credit history that has been reported by your creditors to the central credit data gathering agencies. It's like asking, "Where can I purchase a good dental record?"
Journal entry for new car purchase?
[Debit] Car Asset [Credit] Cash / bank
What is the journal entry for a cash purchase?
Debit Asset a/c if asset a/c is bought and credit Cash a/c OR if these are sundry supplies debit that head and credit cash acct
What is the formula for equity method?
dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET
What is the journal entry to record fixed asset disposals?
[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx
What is a Customer and are they an asset or liability to the company?
customers are the persons who buy the products from the company..if they purchase products in cash then they give profits and increase asset of the company in form of cash...and if they purchase on credit basis then also they give profits and increase the asset of the co in form of debtors..also some customers default in payment when they take credit then it is known as bad debts which decrease the assets of the company..!
Is purchase of fixed asset recorded in income n expenditure account?
Not normally. In certain cases, a company might have a "capitalization" minimum so that anything purchased below a certain price would be expensed (for example, a $10 trash can). But, in general, if an item meets the definition of a fixed asset and is above the capitalization threshold, the "purchase" would be capitalized (recorded on the balance sheet as an asset), then depreciated over its useful life. The depreciation process would record depreciation expense (debit) and reduce the value of the asset (credit).
