Question

Equipment is a(n) _____________ account. It is reported on the _____________ side of the accounting equation and is _____________ when equipment is purchased.

Answer 1

Answer:

Equipment is an _asset__ account. It is reported on the _left_ side of the accounting equation and is __increased__ when equipment is purchased

Explanation:

Buying more Equipment is an asset to company in the sense that it helps in boosting the company production output and in turn generating more profit. It is reported on the left side of the company accounting equation. The aggregate equation increases as the number of equipment purchase increases.