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purchase return is assets or liability or expense
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Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Give a example of Increase an asset and increase a liability.?
When we purchase fixed asset on credit then it increases our Assets and also increase liability. Transaction as follows: Asset [Debit] Payable [Credit]
What will increase one asset and decrease another asset with no effect on liability or owner s equity?
Purchase an asset on cash will increase the purchased asset while reduce the cash amount and no impact on liability or equity section.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
How does the purchase of equipment by signing a note affect the accounting equation?
asset increased, liability increased
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
Give a example of Increase an asset and increase a liability.?
When we purchase fixed asset on credit then it increases our Assets and also increase liability. Transaction as follows: Asset [Debit] Payable [Credit]
What will increase one asset and decrease another asset with no effect on liability or owner s equity?
Purchase an asset on cash will increase the purchased asset while reduce the cash amount and no impact on liability or equity section.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Is asset or liability?
asset
How does the purchase of equipment by signing a note affect the accounting equation?
asset increased, liability increased
Is rent income a asset liability or owners equity?
asset liability
Is a premises an asset or liability?
asset
Is Cash an asset or liability?
Asset.
Is debtor asset or liability?
asset
Is equipment an asset or liability?
Asset
