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 3DQ

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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 transactions would be recorded if using the accrual basis ofaccounting but not if using the cash basis of accounting?a. Borrowing moneyb. Paying off loansc. Purchasing inventory on accountd. Collecting customer payments
Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned Revenue
describe the difeference between an account receivable and an account payable

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