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What else can I help you with?
Is cogs normal debit or credit account?
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is a cheque account an asset?
The account itself is not an asset, but any money credited to the account is.
Is bank account an asset?
Yes, bank account is an asset (provided it is not a loan or credit card account). Since a Bank account is a place where we deposit and keep money, it can be considered an asset. (And this is only as long as you have cash in your account. If your account balance is 0 it is not an asset)
How do you decrease an asset account?
To decrease an asset account, you can either record a credit entry or reduce the asset's value through a transaction. For instance, selling the asset, writing it off, or recognizing depreciation will decrease the asset account balance. In double-entry accounting, the corresponding entry would typically increase a liability or equity account or decrease another asset account.
Is cogs normal debit or credit account?
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is a cheque account an asset?
The account itself is not an asset, but any money credited to the account is.
Is bank account an asset?
Yes, bank account is an asset (provided it is not a loan or credit card account). Since a Bank account is a place where we deposit and keep money, it can be considered an asset. (And this is only as long as you have cash in your account. If your account balance is 0 it is not an asset)
What is the journal entries for disposal of fixed asset?
cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Does cost of goods sold account have a debit balance or a credit balance?
Expense accounts should always be debit balances. The only exception is when you are recording discounts received on purchases in a separate account than the COGS account used for purchases. Discounts should be shown as a COGS account so that it is netted against purchases, and will have a credit balance. But even in this case, the total of all COGS accounts should be a debit balance.
Does an escrow account count as an asset when applying for medicaid?
does an escrow account count as an asset when the person has medicaid
A debit to an asset account indicates a n?
A debit to an asset account indicates an increase in that asset. In accounting, asset accounts are increased with debits and decreased with credits. This means that when a debit entry is made, it reflects an acquisition or enhancement of the asset. For example, if cash is received, the cash account (an asset) is debited to show the increase.
What type of account is accumulated depreciation and how is it reported in the financial statements?
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.
Is account revenue an asset?
No, it is an owner's equity account.
What is the nature of account receivable?
Account receivable is an asset
