October 30, 2016 admin

Equipment—Office Equipment & Signs—Cost

Assets

EQUIPMENT—OFFICE EQUIPMENT & SIGNS—COST ASSET ACCOUNT
1721

ACCOUNT EXPLANATION
Cost of new and used office furniture, machines, and equipment, including permanent signs, acquired new or used, including installation.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Electronic calculator purchased CD
    Office Equipment & Signs 1721
      Cash in Bank—General 1001
             
  Purchase of window air conditioner, including installation, on open account P
    Office Equipment & Signs 1721
      Accounts Payable—Trade 2100
             
   Purchase of sign under five-year conditional sales plan G
    Office Equipment & Signs 1721
      Notes Payable—Long Term—Current Portion 2040
      Notes Payable—Other—Long Term 2520
COMMENTS
  • Detailed fixed asset records should support this account.
  • Physical inventories of the items in this account should be taken periodically and the balance in the account adjusted to the cost of items physically on hand.
  • Maintenance of office equipment and signs should be charged to Account 8780, Equipment & Vehicle Maintenance—General.