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Re: Entered a vendor I'll be paying $26K for medical equipment to. Is the medical equipment listed as an asset as well as expense?

If it is just one piece of equipment or combination of line items each over $2500 then yes, it is a fixed asset but not an expense. Expense deduction  for Fixed Assets happens generally over the expected lifespan of the asset as determined by the IRS. It is called depreciation expense. Some items qualify for a full or partial initial writeoff called section 179 and items that are less than $2500 (including shipping and installation) per line item qualify for de minimis safe harbor exclusion from being amortized and can be considered ordinary expense. If you have AFS (applicable financial statements as defined) you can expense up to $5000 each.