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Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
What is the journal entry for office equipment purchased for 3000 Half was paid in cash the remaining balance will be paid in 30 days?
[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
What is a list of the Permanent Accounts in Accounting?
Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Wages Payable, Capital
What kind of Journal entry for purchased 70000 in equipment paid 20000 cash and remainder will be paid in six months?
debit purchases 70000credit cash 20000credit accounts payable 50000
Are Liability accounts are increased by debits?
No Liabilities will not be increased they will be decreased by debits
Asset accounts are increased by debits?
Yes. And Liabilties are increased by credits.
The purchase of equipment on credit is recorded by?
Debit to Equipment and a credit to Accounts Payable
Is increasing store equipment a debit or credit?
Increasing store equipment is recorded as a debit in accounting. This is because debits represent an increase in asset accounts, and store equipment is classified as a long-term asset. When you purchase or acquire equipment, you debit the equipment account to reflect its increased value. Conversely, any associated liability or cash payment would be recorded as a credit.
Are expense accounts increased by credits?
true
Zion Company has assets of 600000 liabilities of 250000 and equity of 350000 It buys office equipment on credit for 75000 What would be the effects of this transaction on the accounting eq?
Before Purchase:Assets 600,000Liabilities 250,000Equity 350,000Total L&E 600,000Assets are debited (increased) by 75,000 from the purchase of the equipment. Accounts payable, a liability, is credited (increased) by 75,000. Assets are increased, Liabilities, are increased, Equity remains the same.After Purchase:Assets 675,000Liabilities 325,000Equity 350,000Total L&E 675,000
The balance of a furniture and equipment account a debit or credit?
It is a debit balance. Furniture and Equipment accounts are included in an individuals assets and asset accounts have debit values.
What does it mean when the accounts payable balance has increased on the trial balance?
Accounts Payable are the amounts owing by the business to its creditors.in a situation where the accounts payable balance has increased in the trial balance means that the amount owing by the business has increased probably due to more credit purchases.
