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- To make a journal entry for equipment purchase, you need to123:
- Debit the equipment account as a fixed asset on the balance sheet.
- Credit the account you pay for the equipment from, such as cash, bank, or notes payable.
- Record the depreciation of the equipment over time by debiting the depreciation expense account and crediting the accumulated depreciation account.
- Record the disposal of the equipment by debiting the accumulated depreciation account and the cash account, and crediting the equipment account.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Equipment Purchase with a Trade and a Loan
- Select Processes > General Journal Entries.
- Select the Company.
- In the Name box select the equipment dealer.
- In the Transaction Type, select General Journal Cash/Accrual.
www.redwingsoftware.com/home/how2/agriculture/…Purchase of equipment journal entry
- 1. 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. ...
www.patriotsoftware.com/blog/accounting/purchas…We can make the journal entry for purchasing equipment with note payable by debiting the equipment account as a fixed asset on our balance sheet and crediting the notes payable account as a liability that we owe to the vendor.accountinginside.com/journal-entry-for-purchasing … - People also ask
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