is liabiliy till you earn.
Asset.
advance paid is current asset and advance received is current liability.
Cash discounts are a liability.
ASSET
is an asset
asset
asset equity
Cash at the bank is an asset for you but a liability for the bank if it is held in a checking or regular savings account.
Petty cash is current asset and shown under cash in hand section of balance sheet in asset side.
Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
Purchase an asset on cash will increase the purchased asset while reduce the cash amount and no impact on liability or equity section.
Yes, cash received is an asset while stock issued is liability. Cash is asset because this cash now be use for the business benefit.