None Which account would be credited when a business purchasesequipment on account?a) Equipmentb) Cashc) Accounts Receivabled) Accounts Payable

Explanation of Equipment: Equipment represents a tangible asset used by a business in its operations…

Answered: Which account would be credited when a…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 6QY

See similar textbooks

Similar questions

Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
When does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
What specific accounts are recognized when a business purchases equipment on credit?
Using the information contained in the accounts receivable ledger, the accountant can prepare _________. a. The general ledger balance b. The balance sheet c. The income statement d. A schedule of accounts receivable e. None of the above
Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
What is a prepaid account? What type of account is it?
What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
Which area of accounting needs a computerized accounting information system the mostâ€”payroll, tax, or preparing financial statements?
Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned Revenue
How might clustering be used to describe customers who owe money (accounts receivable)?
The following source document is used to support the transactions related to returns outwards to creditors/accounts payables: O a. Purchases invoices O b. Debit note O c. Credit note O d. Payable note

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS

Which account would be credited when a business purchases equipment on account? a) Equipment b) Cash c) Accounts Receivable d) Accounts Payable