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if equipment is purchased for research and development, but has an alternative future use, the cost of the equipment is

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The cost of the technology is capitalized & depreciated as R&D expense if it is purchases for research and development but has a different future application.

What role does purchase have in accounting?

In accounting, the expense of making purchases within a time period with the intention of reselling them in the regular course of business is called as a purchase. Therefore, as purchases are a type of expense, they are included in income statement as part of the cost of products sold.

What is the entry for purchases?

A. Purchases Account: Goods are referred to as Purchases A/c when they are paid for with cash, a credit card, donated, misplaced, or taken for personal use. Journal entry: Items paid for with cash.

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