Purchase Machinery For Cash Journal Entry
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FAQ
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. Remember to make changes to your balance sheet to reflect the additional asset you have and your reduction in cash.
Credit the cash account in the same journal entry by the amount of cash you used toward the purchase. If you paid all cash, this amount is the same as the asset's cost. Debit asset account of machinery and equipment for the amount of the purchase.
To record the purchase of a fixed asset, debit the asset account for the purchase price, and credit the cash account for the same amount. Fixed-Asset Accounting Basics - NetSuite netsuite.com ? portal ? resource ? articles ? f... netsuite.com ? portal ? resource ? articles ? f...
Hence, purchase of machinery for business on cash is recorded in cash book.
Answer and Explanation: Explanation: The purchase of equipment for cash would cause an increase in assets since the equipment purchased is an asset and a decrease in assets since cash is an asset.