Accumulated Depreciation
Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?
Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?
Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?
DR goodwill account CR capital account
A home is an asset. Her beautiful smile is her greatest asset.
Yes, a checking account is definitely considered an asset because it holds cash, which is one of the most liquid forms of assets. Understanding basic financial concepts like this is essential for personal growth and skills development—especially in areas like money management, budgeting, and financial planning. The more we improve our financial literacy, the better equipped we are for long-term success. For more information: nsda.portal.gov.bd/site/page/92fd3b71-62de-43d9-b291-f80855dab52b
Accumulated depreciation is a contra asset account. So it goes with the assets but works in reverse from normal assets. So the debit side won't be increases, but rather decreases. And the credit side will be the increases. And it will be grouped with the fixed asset that's being depreciated. This way, you'll be able to see the original value and all the depreciation that's been taken.
The purchase of a car in one business could be inventory for one business and a fixed asset to another business or expense.
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If someone is willing to give their account away, then yes, someone can give you their account.
cash account receivabble inventary or stock outstanding expenses and payable taxesType your answer here...
When we purchase fixed asset on credit then it increases our Assets and also increase liability. Transaction as follows: Asset [Debit] Payable [Credit]