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What is the journal entry of purchased equipment on account?

This is an Expert-Verified Answer A purchase of Office Equipment by the company on account is considered as the purchase of Office Equipment on credit. Therefore, the Journal Entry should be the debit to office equipment account and credit to the Accounts Payable Account.

What is purchased equipment on account?

Any purchases made with credit can be referred to as purchased on account. A business that owes another entity for goods or services rendered will record the total amount as a credit entry to increase accounts payable. The outstanding balance remains until cash is paid, in full, to the entity owed.

What account is purchase equipment?

Asset purchase When you first purchase new equipment, you need to debit the specific equipment (i.e., asset) account. And, credit the account you pay for the asset from. Remember to make changes to your balance sheet to reflect the additional asset you have and your reduction in cash.

Is purchased equipment a debit or credit?

The purchase of property, plant, or equipment results in a debit to the asset section of the balance sheet. The credit is based on what form of payment you use as the customer.

Is a purchase an asset or expense?

In order to distinguish between an expense and an asset, you need to know the purchase price of the item. Anything that costs more than $2,500 is considered an asset. Items under that $2,500 threshold are expenses.

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