The journal entry is debiting fixed assets and credit accounts payable or cash. It will increase the fixed assets balance on the financial statement. It also increases the liability account if the payment is not yet made. If the payment is already made, it will reduce the cash balance.
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[pdf] An offshore rig company, also known as an offshore drilling business, is a specialized business that provides offshore oil and gas production services. These companies operate, manage, and maintain offshore drilling rigs, platforms, and associated equipment in oceans or seas.
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