An asset account is a "balance sheet" account. That is, when financial reports are created, the balances in asset accounts are reported on the balance sheet*, together with the balances in liability accounts and shareholders' equity accounts, and not on the income statement (which reports only revenues and expenses for the period of time ending on the balance sheet date.)
*Another name for the balance sheet is the Statement of Financial Position.
Asset
A prepaid expense account is an asset, thus not a temporary account either.
contra asset account, credit balance
asset, debit
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
Accumulated depreciation is a contra-asset account and show in the asset section of the Balance Sheet. It is called contra-asset account because contrary to any asset account Acc. Dep. is a credit type of account. The offset of Accumulated depreciation is to Debit the expense account Depreciation.
Asset
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit.
A prepaid expense account is an asset, thus not a temporary account either.
A prepaid expense account is an asset, thus not a temporary account either.
contra asset account, credit balance
asset, debit
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
Type your answer here... no
Merchandise Inventory is an asset account that shows up on the balance sheet.
It is a contra asset account; thus, an ASSET
Equipment is a long term asset account available for business to generate economic revenue.