0
Building is an asset for business which is used for generating revenue for more than one fiscal year and like all assets which has debit balance as normal default balance building also has debit balance.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What is the journal entry for a building purchase loan?
[Debit] bank account [Credit] Building loan
Is prepaid insurance a debit or credit?
Debit
How do you record a journal entry for a sale of a building?
Debit cash / bank xxxx credit building account xxxx
What should be the journal entry for purchase of building from building fund account?
1. [Debit] Building account xxxx [Credit] building fund account xxxx
Is cost of sale credit or debit?
Credit or debit
What is the journal entry for Payment to builders for new building?
[Debit] Building account [Credit] Cash / bank
What is the journal entry for a building purchase loan?
[Debit] bank account [Credit] Building loan
Is prepaid insurance a debit or credit?
Debit
How do you record a journal entry for a sale of a building?
Debit cash / bank xxxx credit building account xxxx
What should be the journal entry for purchase of building from building fund account?
1. [Debit] Building account xxxx [Credit] building fund account xxxx
Does cash on hand have a debit or credit balance?
credit
Is a refund to a credit card a debit or credit?
Debit
Is cost of sale credit or debit?
Credit or debit
What are the rules of debit and credit for assets?
There are three rules for recording transactions: Personal account Debit the receiver. Credit the giver. Real account Debit what comes in. Credit what goes out. Nominal account Debit all expenses.There are three Golden Rules for Debit & Credit, whole accounting is depend on these three rules :- 1. Debit what comes in & Credit what goes out. 2. Debit the receiver & Credit the..Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
Why is it important to memorize the debit and credit rules?
Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
Is drawing debit or credit?
its debit.
How do you post a debit or a credit?
debit is the receiver,credit is the giver
