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Is office furniture a credit or a debit?
credit
Is furniture and fixture debit or credit?
Neither, it is an object
What is the journal entry for extraordinary loss?
If extraordinary loss is on a/c of furniture & fixtures, then instead of crediting purchases, furniture & fixtures should be credited.
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 is the journal entry for furniture purchased?
[Debit] Furniture [Credit] Cash / bank
Journalize entries for Trade-in Of Old Fixtures For New Ones in accounting?
[Debit] New Fixture [Debit] Accumulated-Depreciation Old Fixture [Debit] Loss on sale of old fixture (if any) [Credit]Old Fixture [Credit]Cash/Bank [Credit] Profit on sale of old fixture (if any)
What will be the journal entry Office Furniture purchased with gift cards?
[Debit] Office furniture [Credit]Owner equity / Retained Earnings
If you purchase fixture and fittings would you debit fixture and fittings credit bank?
Yes, when you purchase fixtures and fittings, you would debit the fixtures and fittings account to increase your asset balance, reflecting the addition of a new asset. Simultaneously, you would credit the bank account to decrease your cash or bank balance, indicating that you have spent money to acquire the asset. This transaction follows the double-entry accounting principle, where every debit has a corresponding credit.
Is prepaid insurance a debit or credit?
Debit
Are wall finishes and carpet examples of furniture and fixtures?
No, furniture and fixture would be furniture, appliances, lighting fixtures, bathroom fixtures I think, things that are added to the structure.
What is the journal entry for fixtures and fittings?
The journal entry for fixtures and fittings typically involves debiting the Fixtures and Fittings account and crediting the Cash or Accounts Payable account, depending on whether the purchase was made in cash or on credit. For example, if you purchase fixtures for $5,000 in cash, the entry would be: Debit: Fixtures and Fittings $5,000 Credit: Cash $5,000 This entry reflects the acquisition of an asset that will be used in the business.
What furniture and fixtures qualify to put on a financial statement?
Does new windows come under furniture & fixtures?
