Question

Purchase office equipment on account

Answer 1

A company can purchase office equipment on account and it is the case of purchase of office equipment on account or on credit. The Journal Entry should be the debit to office equipment account and credit to the Accounts Payable Account.On account is an accounting term that denotes partial payment of an amount owed. On account is also used to denote the purchase/sale of goods or services on credit. On account can also be referred to as “on credit.”