Purchased Printer Journal Entry

Bought Printer For Cash / Cheque Or On Account / Credit Journal Entry With The Help Of An Example

When a company or corporation purchased a printer for cash or by cheque, for use in the business, then we debit printer account (or Office Equipment Account) and credit cash or bank account.

If the company purchased printer on account or credit, then, printer account, as an asset, is debited and Accounts Payable Account / Sundry Creditors Account is credited.

Example:

A company purchased a computer printer on account for $500.

The entry to record this Business Transaction is shown below:

                              Computer Printer a/c  $500

 

                                                                     Accounts Payable a/c  $500

 

                                                (Computer Printer Bought On Account)

As Computer printer, which is a Fixed Asset, is coming into the business, so we debit it and credit accounts payable account as the liability to pay to the creditors or vendors also increasing.