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Is equipment an asset or liability?
Asset
Is equipment considered a revenue or asset?
Equipment is an asset for business which is usable in business to generate revenue.
Is office equipment an asset?
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).
Is rented equipment considered an asset?
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.
Is one of the fixed asset accounts from Office Equipment Land Delivery Equipment or Building will not have a related contra asset account?
LAND
Is equipment an asset or liability?
Asset
Is equipment liability or asset?
Asset
Is equipment considered a revenue or asset?
Equipment is an asset for business which is usable in business to generate revenue.
Is office equipment an asset?
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).
Is rented equipment considered an asset?
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.
Is one of the fixed asset accounts from Office Equipment Land Delivery Equipment or Building will not have a related contra asset account?
LAND
What is plant asset Discuss the three types of plant asset?
Property, plant, and equipment
What type of account is equipment?
Equipment is a long term asset account available for business to generate economic revenue.
What is the normal balance for equipment?
The normal balance for equipment is a debit balance. This means that when equipment is purchased, it is recorded as a debit in the accounting records, increasing the asset account. Conversely, when equipment is sold or disposed of, it would be credited, reducing the asset account.
Would business equipment be considered an asset?
yes.
Is shop equipment an asset?
Yes, if it's your shop.
Journal entry for purchases?
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)
