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Which Journal entry is used to record equipment purchased on account?

Updated: 4/28/2022

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∙ 9y ago

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debit equipment
credit Accounts Payable

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What is the journal entry a company would record when it purchases equipment and pays cash?

[Debit] Equipment account [Credit] Cash / bank

How do you record a journal entry for sale of equipment?

Debit cash / bankCredit equipment

How do you record a journal entry for donating equipment?

debit equipment accountcredit donation

How do you record depreciation in a journal entry?

[Debit] Depreciation Account [Credit] Assets Account

What journals do you use to record purchases on account purchases for cash and cash payments?

Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.

Related questions

What is the journal entry a company would record when it purchases equipment and pays cash?

[Debit] Equipment account [Credit] Cash / bank

What are the accounting journal entry to record the exchange of debt for equipment?

[Debit] Debt Account xxxx [Credit] Asset/Equipment xxxx

How do you record a journal entry for sale of equipment?

Debit cash / bankCredit equipment

How do you record a journal entry for donating equipment?

debit equipment accountcredit donation

How do you record depreciation in a journal entry?

[Debit] Depreciation Account [Credit] Assets Account

How do you record a journal entry for a purchace of equipment at a fire sale?

debit equipment accountcredit cash / bank

What journals do you use to record purchases on account purchases for cash and cash payments?

Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.

What are the accounting journal entries to record donated equipment?

debit assetcredit donations

How do you record a journal entry for opening a cash account?

debit cash accountcredit bank account

What is difference between a cash payment journal and a purchases journal?

a cash payment journal is used to record only cash payment transactions where as the purchases journal is used to record ONLY purchases on account transactions

What is journal entry to record return of supplies on account?

debit accounts payablecredit supplies return account

What is the journal entry to record an accrued exp?

debit: expense account credit: account payable (vendor)

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