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A transaction that increases an asset and decreases a liability must also affect one or more other accounts?
TRUE
Is accounts receivable a permanent account?
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
Are accounts receivable assets or liabilities?
Asset. It is cash that you are owed. Accounts receivable is considered a short term asset.
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
Are accounts receivable liquid assets?
Accounts receivables is a liquid asset
A transaction that increases an asset and decreases a liability must also affect one or more other accounts?
TRUE
What balance sheet accounts are affected by the sale of an asset?
Sale of assets reduces the asset account as well as accumulated depreciation account while increases the cash or bank account
Is accounts receivable a permanent account?
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
If an asset increases is it an increase or decrease in cash?
if an asset increases, is it an icrease or decrease in cash?
Is accounts receivables a fixed asset or intangible asset?
The answer is neither one. Accounts receivable are a current asset; neither an intangible asset (e.g. goodwill) nor a fixed asset (e.g. plant and equipment).
Are accounts receivable assets or liabilities?
Asset. It is cash that you are owed. Accounts receivable is considered a short term asset.
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
Is accounts receivable a asset or liability?
Accounts receivable is that amount which is receivable from debtors at future date that's why it is current asset of business.
Allowance for doubtful accounts is what type of account?
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit.
Are accounts receivable liquid assets?
Accounts receivables is a liquid asset
What will increase an asset and increase owners equity?
The recording of a profitable transaction will increase an asset and increase owners equity such as the sale of a product: Either Cash or Accounts Receivable would increase; and Current Profit increases (which is included in owners equity).
Do you increase an asset account with a debit or a credit?
You increase an asset accounts with a debit.
