0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Do you increase an asset account with a debit or a credit?
You increase an asset accounts with a debit.
Why is cash a credit in accounting?
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
Does inventory account have a normal debit balance?
Inventory is an asset account. They normally have a debit balance.
What is the journal entry when the owner withdraw his asset?
Drawings A/c (debit) TO Asset A/c (credit)
What increases an asset account debit or credit?
Assets are a debit account and are increased with a debit. Cash goes up with a debit, Inventory, Accounts Receivable, etc. Any asset account will increase with a Debit.Liabilities increase with a Credit as do Owners Equity.One key note, do not confuse Depreciation with an asset account, it can be easily done as you list depreciation under the assets along with it's corresponding account, depreciation is what you call a Contra-Asset Account.
Is depreciation recorded by debiting the accumulated depreciation account and crediting the depreciation expense account?
Method 1 1 - [Debit] Depreciation Expense xxxx [Credit] Asset account xxxx Method 2 1 - [Debit] Depreciation Expense xxxx [Credit] Accumulated Depreciation xxxx 2 - [Debit] Accumulated Depreciation xxxx [Credit] Asset Account xxxx
Do you increase an asset account with a debit or a credit?
You increase an asset accounts with a debit.
What is the journal entry to record fixed asset disposals?
[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx
Why is cash a credit in accounting?
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
Does inventory account have a normal debit balance?
Inventory is an asset account. They normally have a debit balance.
What is the journal entry for lost of fixed assets?
debit loss of assetcredit fixed asset account
What is the journal entry when the owner withdraw his asset?
Drawings A/c (debit) TO Asset A/c (credit)
What increases an asset account debit or credit?
Assets are a debit account and are increased with a debit. Cash goes up with a debit, Inventory, Accounts Receivable, etc. Any asset account will increase with a Debit.Liabilities increase with a Credit as do Owners Equity.One key note, do not confuse Depreciation with an asset account, it can be easily done as you list depreciation under the assets along with it's corresponding account, depreciation is what you call a Contra-Asset Account.
Is interest expenses an asset or a liability?
In accounting, interest and other expenses are neither; they are a contra-equity account. This means that as expenses increase, the owners have less equity. Expenses should normally be treated as a debit account, so as you record interest expenses, you should be crediting either an asset or a liability at the same time.
The normal balance for an asset account is?
debit balances
What does a capital expenditure results in a debit to?
asset account
What is the journal entry for purchase of an asset?
[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx
