Provided you own it yes.
Asset
Equipment is an asset for business which is usable in business to generate revenue.
Yes, anything of value the company owns is an Asset. Office Equipment is generally classified as a Long-Term Asset or more commonly PP&E (Property, Plant, & Equipment).
Rented Equipment is not an asset. If there is a refundable security deposit, that amount would be posted as an asset. The rental payments are usually posted to Equipment Rental Expense and no further accounting is necessary.
LAND
Asset
Asset
Equipment is an asset for business which is usable in business to generate revenue.
Yes, anything of value the company owns is an Asset. Office Equipment is generally classified as a Long-Term Asset or more commonly PP&E (Property, Plant, & Equipment).
Rented Equipment is not an asset. If there is a refundable security deposit, that amount would be posted as an asset. The rental payments are usually posted to Equipment Rental Expense and no further accounting is necessary.
LAND
Property, plant, and equipment
Equipment is a long term asset account available for business to generate economic revenue.
yes.
Yes, if it's your shop.
The answer is neither one. Accounts receivable are a current asset; neither an intangible asset (e.g. goodwill) nor a fixed asset (e.g. plant and equipment).
Example 1: A company purchased $12,000 equipment and paid in cash.Debit Equipment $12,000 (Increase in asset)Credit Bank $12,000 (Decrease in asset)Example 2: A company purchased $12,000 equipment in credit.Debit Equipment $12,000 (Increase in asset)Credit Supplier $12,000 (Increase in Liability)Example 3: A company purchased $12,000 equipment and paid in $10,000 Cast and $2,000 on credit.Debit Equipment $ 12,000 (Increase in asset)Credit Bank $ 10,000 (Decrease in asset)Credit Supplier $ 2,000 (Increase in Liability)