That's correct, I typed it wrong. I have credited the long-term liability account and debited the Fixed Asset account for each piece of equipment. But the Fixed...
Each piece of equipment has a loan and is listed as a long-term liability with a balance on the balance sheet. To enter the loan, I debited the long-term liabil...
The equipment is listed as long-term liabilities on the balance sheet. Each time I make a payment (split between principal and interest) the amount of the liabi...
Thank you for the reply, but how do we handle this if we take the entire purchase price and depreciate it/deduct it in the year it was purchased rather than spr...
