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Accrued income is asset or liability?
no
Is rent expense an asset or liability?
Its an asset.
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is depreciation expense an asset or liability?
Depreciation expense is neither an asset or liability. It is an expense.
Accrued income is asset or liability?
no
Is rent expense an asset or liability?
Its an asset.
Is expense a asset or liability?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
How do you enter accrued expenses in the general ledger?
Accrued expenses are entered as liabilities in the general ledger. Debit expense and credit accrued liability.
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
