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.
Can a increase in one asset increase another asset?
Since both sides of the balance sheet (the Assets side and the Liabilities/Owners' Equity side) must have equal totals, an entry showing an increase in an asset must be balanced with an corresponding increase in a liability or a decrease in another asset.Generally, an increase in an asset (e.g., the acquisition of a new asset) means that either we have decreased another asset (e.g., cash) to pay for it, or we have incurred debt to acquire the asset (thereby increasing our liabilities).1) increase in one asset - corresponding decrease in another asset (e.g. we pay cash for new asset)2) increase in one asset - corresponding increase in a liability (e.g., we acquire an asset on credit)
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Give a example of Increase an asset and increase a liability.?
When we purchase fixed asset on credit then it increases our Assets and also increase liability. Transaction as follows: Asset [Debit] Payable [Credit]
Is the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?
Is it true the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?
Do you increase an asset account with a debit or a credit?
You increase an asset accounts with a debit.
Can a increase in one asset increase another asset?
Since both sides of the balance sheet (the Assets side and the Liabilities/Owners' Equity side) must have equal totals, an entry showing an increase in an asset must be balanced with an corresponding increase in a liability or a decrease in another asset.Generally, an increase in an asset (e.g., the acquisition of a new asset) means that either we have decreased another asset (e.g., cash) to pay for it, or we have incurred debt to acquire the asset (thereby increasing our liabilities).1) increase in one asset - corresponding decrease in another asset (e.g. we pay cash for new asset)2) increase in one asset - corresponding increase in a liability (e.g., we acquire an asset on credit)
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Give a example of Increase an asset and increase a liability.?
When we purchase fixed asset on credit then it increases our Assets and also increase liability. Transaction as follows: Asset [Debit] Payable [Credit]
Is the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?
Is it true the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?
How rent paid in advance is treated in accounting equation?
If you are the payer Increase in Prepaid Expenditure- Asset Decrease in Bank - Asset Equity= Asset- Liabilities 0 = +/- - 0 If you are the payee Increase in Income Recieved in Advance - Liability Increase in Bank - Asset Equity= Asset- Liabilities 0 = + - +
How do you increase an asset and increase a liaibilty?
Borrow to make a capital improvement. Putting a new roof on your house will increase the asset, borrowing the money to do so will increase your liability.
Can a transaction that causes an increase in an asset also cause a decrease in another asset?
Yes. If you purchase a new desk, your furniture asset account would increase, and your cash asset account would decrease.
What will increase one asset and decrease another asset with no effect on liability or owner s equity?
Purchase an asset on cash will increase the purchased asset while reduce the cash amount and no impact on liability or equity section.
What will a purchase of an asset for cash do?
A purchase of an asset for cash will increase total assets(casH) and increase total owner's equity (capital).
When two asset accounts are changed in a transaction there must be an increase and a decrease?
yes accounting equation is asset = liability +own's equity. the transaction is a decrease on account recceivable of asset and an increase on capital of asset. therefore, the equation is balanced.
When does the net asset value increase?
Assets increase over liabilities
