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Records of decrease in a liability is Debit
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∙ 13y ago
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What an example of a decrease in an asset and a decrease in a liability?
Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
Does a debit decrease liability?
Yes, a debit decrease liability and a credit increase liability. if a debtors/customer make the repayment obligation, it will decrease debtors, meaning decrease in liability.
How Do You Decrease A Liability Account?
By paying the liability in part or in full.
What will cause a decrease in one liability and an increase in another liability?
Paying off one loan by getting another loan will decrease one liability and increase another.
What decreases an asset and liability?
Decrease in asset means being using of it decreases and liability decrease means payable of debts decreases.
What an example of a decrease in an asset and a decrease in a liability?
Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
What would decrease liability?
Debit balance would decrease the liability as credit balance increases the liability.
Does a debit decrease liability?
Yes, a debit decrease liability and a credit increase liability. if a debtors/customer make the repayment obligation, it will decrease debtors, meaning decrease in liability.
How Do You Decrease A Liability Account?
By paying the liability in part or in full.
What will cause a decrease in one liability and an increase in another liability?
Paying off one loan by getting another loan will decrease one liability and increase another.
What decreases an asset and liability?
Decrease in asset means being using of it decreases and liability decrease means payable of debts decreases.
Decrease an asset account and decrease a liability account?
if you have a asset and you sale it and then money which you get pay as a liability so decreas in asset and decreas in liability occurs.
How does paying a liability with cash affect the accounting equation?
assets decrease; liabilities decrease
Transaction that will decrese an asset anf decrease a liability?
Payment to the creditors Creditors Decrease Bank balance decrease
What will decrease a liability and increase a liability?
account payable paid-off by arranging a new loan.
How do you decrease a liability?
Liabilities are decreased by a debit entry...typically a cash payment (Dr. the liability; Cr. Cash)
What records a decrease in a asset?
Credit balance records a decrease in fixed assets like depreciation or loss of asset or sale of asset etc.
