Purchased equipment on account

Equipment

Tangible property used in operations, such as machinery, computers, and furniture, which has a useful life longer than one fiscal period.

Accounts Payable

Liabilities or debts owed by a company to suppliers or creditors for goods or services purchased on credit.

Purchases Journal

A specific type of accounting record where a business records all transactions related to the acquisition of goods intended for resale or for use in production.