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What else can I help you with?
Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
Is service rendered considered an asset or owner's equity?
an asset
Is account revenue an asset?
No, it is an owner's equity account.
Is cash considered an asset liability or owners equity?
Cash is an asset. It could also be part of what makes up an owner's equity.
What 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?
Is drawing account current asset?
An owner's draw account is not an asset account, but an equity account. It is grouped with other equity accounts, like the owner's investment, and retained earnings.
What transaction would decrease an asset account and decrease the owner and equity account?
Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?
What transaction would decrease an asset account and decrease the owner equity account.?
Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?
What account increases an asset and increases equity?
A capital contribution or an owner's equity account increases both an asset and equity. When an owner invests cash or other assets into the business, the cash or asset increases the company's assets, while the corresponding increase in equity reflects the owner's stake in the business. This transaction demonstrates the relationship between assets and equity, as both rise simultaneously.
What is Basic Accounting formula?
asset = liability + owner's equity
Is service revenue an asset account?
No, it is an owner's equity account.
Is wage expense asset liability or owner's equity?
neither
