The current asset refers to the assets that are expected to be converted into cash within a year from the balance sheet date. An example of an asset account is an account that includes bank deposits, cash, market securities, and the notes receivable.
unearned rent
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?
It is a contra asset account; thus, an ASSET
unearned rent
The current asset refers to the assets that are expected to be converted into cash within a year from the balance sheet date. An example of an asset account is an account that includes bank deposits, cash, market securities, and the notes receivable.
Accumulated Depreciation
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?
It is a contra asset account; thus, an ASSET
The current asset refers to the assets that are expected to be converted into cash within a year from the balance sheet date. An example of an asset account is an account that includes bank deposits, cash, market securities, and the notes receivable.
The account itself is not an asset, but any money credited to the account is.
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)
cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account