[Debit] Office Equipment 3000
[Credit] Cash 1500
[Credit] Accounts Payable 1500
When remaining amount paid after 30 days
[Debit] Accounts Payable 1500
[Credit] Cash 1500
debit equipmentcredit accounts payable
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
Any journal has to balance.
equipment debitaccount payable creditthis isif any problem in accounting i am here
General Journal
Debit Equipment 9000 Credit Cash 1500 Credit Account payable 7500
debit equipmentcredit accounts payable
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
Suspense a/c Dr 2000 To Equipment a/c 2000
Any journal has to balance.
equipment debitaccount payable creditthis isif any problem in accounting i am here
General Journal
Tax is an expense, you do not record it in a balance sheet but on the general journal.
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
debit drawingscredit equipment
Debit cash / bankCredit equipment
Journal and Ledger are the main source of Trial Balance