It is a contra asset account; thus, an ASSET
The transaction would increase an asset account and increase a liability account?
purchase return is assets or liability or expense
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.
It is assets
No. It's a liability account.
The transaction would increase an asset account and increase a liability account?
For Bank: Liability For You: Asset
It comes under liability
purchase return is assets or liability or expense
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.
It is assets
No. It's a liability account.
Cash at the bank is an asset for you but a liability for the bank if it is held in a checking or regular savings account.
equity
Electricity expense is an expense account while accrued electricity payable is a liability account
A checking account is considered an asset because it represents money that you own and can access.
accounts payable is a liablity.