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Expense equipment refers to tangible assets that a business acquires for its operations but are not classified as long-term assets. Instead of being capitalized, these items are expensed in the accounting period in which they are purchased, impacting the company's income statement directly. This category typically includes smaller tools, office supplies, and equipment that have a shorter useful life or lower cost. The primary goal of expensing such items is to reflect their immediate impact on the company's financial performance.
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Is equipment rental an expense?
Yes if equipment is leased on rent then rental payment is expense through income statement of that specific fiscal year.
In Accounts payable repair of a computer is what coding?
Equipment Repair Expense
If you have a requirement to purchase equipment that was previously developed at Government expense and sold exclusively to the military. This type of item is?
You have a requirement to purchase equipment that was previously developed at Government expense and sold exclusively to the military. This type of item is:
The adjusting entry to record depreciation of equipment is?
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
What type of expense are office salaries depreciation of office equipment and office supplies?
Administrative expenses
Is equipment rental an expense?
Yes if equipment is leased on rent then rental payment is expense through income statement of that specific fiscal year.
On a balance sheet accumlated depreciation equipment is reported as what?
An an Expense
In Accounts payable repair of a computer is what coding?
Equipment Repair Expense
Do you capitalize freight charges on equipment?
No. Freight charges are an expense item.
If you have a requirement to purchase equipment that was previously developed at Government expense and sold exclusively to the military. This type of item is?
You have a requirement to purchase equipment that was previously developed at Government expense and sold exclusively to the military. This type of item is:
The adjusting entry to record depreciation of equipment is?
DR. Depreciation Expense XX Cr. Accumulated Depreciation - Equipment XX
What is the entry to record depreciation expense?
There are two entries to record Depreciation Expense. Say we are depreciating a TruckDebit Depreciation Expense - Equipment TruckCredit Accumulated Depreciation - Equipment TruckAt the end of the Accounting Cycle when the books are closed Depreciation Expense will be closed out, Accumulated Depreciation will not be. It remains on the books as long as the item being depreciated is in use and still listed as an Asset.
What type of expense are office salaries depreciation of office equipment and office supplies?
Administrative expenses
Why has hockey been somewhat slow to catch on at high school?
the expense of furnishing the necessary equipment
What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
Is Equipment a Administrative Expense?
No, equipment is not considered an administrative expense. Instead, it is classified as a capital asset on the balance sheet and is typically subject to depreciation over its useful life. Administrative expenses generally include costs related to the general operation of a business, such as salaries, office supplies, and utilities, rather than the purchase of physical equipment.
Recording the cost of equipment as an expense over the time it is expected yo produce revenue is called?
depreciation
