What specific accounts are recognized when a business purchases equipment on credit?
Question:
What specific accounts are recognized when a business purchases equipment on credit?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Sales Tax Account Asset Purchase Account Expense Accoun...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
What is the effect on the accounting equation when a business purchases supplies on account?
-
a . What accounts are used when a business purchases merchandise on account? b . What type of account is Transportation In?
-
Purchases made on credit are due in full by the end of the billing period. Many firms extend a discount for payment made in the first part of the billing period. The original invoice contains a type...
-
Why does Sam Goldman go out of his way to talk about the importance of d.lights business plan? In what ways do you think having a meticulously crafted business plan helped d.light in its launch...
-
What tax and nontax advantages and disadvantages accrue when an acquiring corporation purchases all of a target corporations stock for cash and subsequently liquidates the target corporation?
-
List three test cases to test the class members of the corruption pattern.
-
A smooth orange ball weighs \(\frac{1}{64} \mathrm{lb}\) (at sea level) and has a diameter of \(1.5 \mathrm{in}\). The discharge of a vacuum cleaner is directed upward and supports the ball...
-
Shawnee Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the companys fiscal year). May 1...
-
You are a manager at a coffee shop. Unfortunately, you have had to turn customers away because your shop doesn't offer some beverages that customers are requesting. Use Kotter's 8-Step ProcesS...
-
At the beginning of September 2021, Stojanovic Distributing Companys ledger showed Cash $12,500, Merchandise Inventory $7,500, and D. Stojanovic, Capital, $20,000. Stojanovic uses the perpetual...
-
Bhakti Games is a chain of board game stores. Record entries for the following transactions related to Bhaktis purchase of inventory. A. On October 5, Bhakti purchases and receives inventory from XYZ...
-
Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year?...
-
Refer to Exercise. Compute the coefficients of the least squares line and compare your results with the scatter diagram. In Exercise, the cost of repairing cars involved in accidents is one reason...
-
All else being equal, does increasing the size of the geographic area of impact raise, lower, or have no effect on the capture rate?
-
What is the projects NPV?
-
Under what conditions should spending by local residents be counted in a calculation of economic impact?
-
Calculate the savings in total construction costs from issuing a \($100\) million GOB paying out at 5% rather than a revenue bond paying out at 7%, both with a 25-year maturity.
-
Can a person be both a casual visitor and a time-switcher for the same event?
-
Explain how Performance Readiness can be applied to teams. Provide examples.
-
The Zwatch Company manufactures trendy, high-quality moderately priced watches. As Zwatch's senior financial analyst, you are asked to recommend a method of inventory costing. The CFO will use your...
-
The Harpe Company currently has 65,000 outstanding shares selling at $87 each. The firm is contemplating the declaration of a dividend of $9 at the end of the fiscal year that just began. Assume...
-
In the previous problem, suppose Rami has announced it is going to repurchase $9,000 worth of stock. What effect will this transaction have on the equity of the firm? How many shares will be...
-
The net income of Wheeler Corporation is $115,000. The company has 30,000 outstanding shares, and a 100 percent payout policy. The expected value of the firm one year from now is $1,650,000. The...
-
What is one specific security tactics to protect the network. Identify specific tools selections to accomplish compliance and audit requirement Describe how alerts would be collected and presented...
-
1. Solve each equation for x, where 0x & a) sin x-= 0 b) cosx-3 cosx+2=0
-
Explain Article III Standing, and explain how to achieve standing. b) Explain Negligence, and provide an example of a Negligence claim. c) What happened in the case of Genesco v. Visa? d) Explain the...
Study smarter with the SolutionInn App