Question

what is the entry for "issued check for equipment purchased for cash"

Answer 1

This transaction uses cash which is an asset and purchases a piece of Machinery, which is also an asset. Assets are increased by debiting the account, and decreased by crediting the account. So in this situation you would credit the checking account for the purchase price of the machine and debit an asset account set up for the machine (printing press, band saw, or whatever appropriate name). The credit in your checking account would correctly reduce the amount you have available and the debit in the machine account would increase the company assets by the cost of the machine. This transaction … (more)

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Answer 2

Answer:

This transaction uses cash which is an asset and purchases a piece of Machinery, which is also an asset. Assets are increased by debiting the account, and decreased by crediting the account. So in this situation you would credit the checking account for the purchase price of the machine and debit an asset account set up for the machine (printing press, band saw, or whatever appropriate name). The credit in your checking account would correctly reduce the amount you have available and the debit in the machine account would increase the company assets by the cost of the machine.