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Sales is generally considered "Revenue" or "Income" and therefore are an Owners Equity Account. Sales affect Retained Earnings and Retained Earnings affects Owners Equity.
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Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is sales revenue a liability or asset?
Neither. Sales revenue is a P&L account, not a balance sheet account. When booking an entry to sales you would credit sales and either debit cash or accounts receivable.
Is return inward a current asset?
No, return inwards is not a current asset. It is sales returns and comes on the debit side of profit and loss account. otherwise, lessened from the sales on credit side
Is accounts recievable an asset account?
Accounts receivable is that amount which is creates due to sales to customers on credit and used instead of cash from customer that's why it is current asset.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is sales revenue a liability or asset?
Neither. Sales revenue is a P&L account, not a balance sheet account. When booking an entry to sales you would credit sales and either debit cash or accounts receivable.
Is return inward a current asset?
No, return inwards is not a current asset. It is sales returns and comes on the debit side of profit and loss account. otherwise, lessened from the sales on credit side
Is accounts recievable an asset account?
Accounts receivable is that amount which is creates due to sales to customers on credit and used instead of cash from customer that's why it is current asset.
Is accounts receivable classified as a liabilities and equity on a balance sheet?
Account receivable is that part of sales which are done on credit so if company received cash at the time of sales that would be asset as well so it is the amount which is receivable in future so it is current asset of company.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is sales asset?
NO
Is a cheque account an asset?
The account itself is not an asset, but any money credited to the account is.
Is bank account an asset?
Yes, bank account is an asset (provided it is not a loan or credit card account). Since a Bank account is a place where we deposit and keep money, it can be considered an asset. (And this is only as long as you have cash in your account. If your account balance is 0 it is not an asset)
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.
What is the journal entries for disposal of fixed asset?
cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account
Is net sales a asset?
no
