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Do you debit or credit proceeds of sales of fixed asset in trial balance?
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∙ 16y ago
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∙ 16y ago
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Is investment credit or debit in trial balance?
It has debit balance as investment is an asset and all assets have debit balance .
Is a premises an credit or debit?
Premises is an asset for business and like all other assets of business which has debit balance as normal default balance it also has debit balance.
Why is cash a credit in accounting?
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
Is stock a credit or debit account balance?
Stock is an asset so it should always be a debit balance.
Is a decrease in prepaid rent a debit or a credit?
Prepaid Rent is an asset, therefore to decrease the asset (or use up the rent) a decrease would be a credit. Assets generally maintain a debit balance, which means to increase the balance we debit and to decrease the balance we credit.
Is Accumulated depreciation debit or credit?
Accumulated depreciation is a contra to related asset so if asset has a debit balance then it has credit balance to reduce the related asset's value.
Is investment credit or debit in trial balance?
It has debit balance as investment is an asset and all assets have debit balance .
Is a premises an credit or debit?
Premises is an asset for business and like all other assets of business which has debit balance as normal default balance it also has debit balance.
Why is cash a credit in accounting?
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
Is stock a credit or debit account balance?
Stock is an asset so it should always be a debit balance.
Is a decrease in prepaid rent a debit or a credit?
Prepaid Rent is an asset, therefore to decrease the asset (or use up the rent) a decrease would be a credit. Assets generally maintain a debit balance, which means to increase the balance we debit and to decrease the balance we credit.
What decreases an asset account credt or debit?
Assets has debit balance as normal balance so debit balance increases it while credit balance decreases it.
Is computer equipment a debit or credit?
Computer equipment is an asset of business and that's why it has debit balance as a normal balance.
Are motor vehicles a debit or credit?
Motor Vehicle is an asset for business and long term asset which is shown under balance sheet as a asset and like all other fixed assets which has debit balance as normal balance it also has debit balance as normal balance.
Is cash a credit or a debit?
Cash is a current asset of business and like all other current assets which has debit balance as default normal balance cash also has debit balance.
Are accounts receivable a debit or credit?
Accounts receivable is a debit.Answer:Accounts receivable is an asset and therefore maintains a debit balance. This is an account listing what a person or company owes you, or money that you expect to receive. Since it is an asset (all assets maintain a debit balance) it means to increase the account you debit it and to decrease it (when a payment is made by the customer) you credit it.Assets = debit balance (increase with debit, decrease with credit)Liabilities and Owners Equity = credit balance (increase with a credit, decrease with a debit)(GAAP)
Is a petty cash account an asset with a normal credit balance?
Petty Cash is an asset account with a normal Debit balance.
