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The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
How do you increase a liability?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
A credit to a liability account?
indicates an increase in the amount owed to creditors.
What is the detailed record of the changes in a particular asset or liability or owners equity called?
account
What type of account are Wages payable?
it's a liability account, it is use to record the amount of money employer owe to employee
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
How do you increase a liability?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
What will decrease a liability and increase a liability?
account payable paid-off by arranging a new loan.
A credit to a liability account?
indicates an increase in the amount owed to creditors.
What is the detailed record of the changes in a particular asset or liability or owners equity called?
account
What type of account are Wages payable?
it's a liability account, it is use to record the amount of money employer owe to employee
What transaction would cause decrease and increase liability account?
A liability account is money owed by a company. Such as Accounts Payable and Notes Payable.A transaction that would increase a liability account is if you purchased an item on account. This would increase either the Account Payable or Note Payable accounts.A transaction that would decrease these are actual payments you make to the person/company you owe, hence lowering the balance of how much is owed.For example, I purchase a truck costing $15,000, that transaction has increased my liability in notes payable. Once I begin making payments on that truck, each of those payments will decrease the liability.
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset account describe the effect of the credit portion of the entry?
increase the balance of the liability 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.
Is it true that in recording the adjusting entry for accrued taxes both accounts involved are increased?
Yes, as the expense and the corresponding liability accumulate over the period, an adjusting entry is necessary to increase the expense (with a debit) and increase the corresponding liability (with a credit).
What purchase of supplies on account is recorded in the?
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
What is a liability account?
Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.
