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Expenses are not classified as an asset, equity, or liability account; rather, they are part of the income statement. They represent the costs incurred in the process of generating revenue. When expenses are recognized, they reduce net income, which in turn affects equity but do not appear directly on the balance sheet as assets or liabilities.
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Are prepaid expenses an asset liability or equity?
NO! Prepaid expenses are assets!!
Is cash an asset liability or equity?
asset equity
Are retained earnings an asset equity or liability?
asset equity
What is the detailed record of the changes in a particular asset or liability or owners equity called?
account
Is rent income a asset liability or owners equity?
asset liability
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 drawings an asset equity or liability account?
equity
Are prepaid expenses an asset liability or equity?
NO! Prepaid expenses are assets!!
Is stockholders equity an asset account?
Stockholder equity is a liability account as it is refundable by business at time of liquidation.
Is cash an asset liability or equity?
asset equity
Are retained earnings an asset equity or liability?
asset equity
What is the detailed record of the changes in a particular asset or liability or owners equity called?
account
Is rent income a asset liability or owners equity?
asset liability
Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is cash an asset liability or owners equity?
asset
Are wages expenses an asset or liability?
Neither, it is an expense, a negative entry in the company´s Profit and Loss, thus decreasing its Equity position.
Is salaries payable an asset or liability or owners equity account?
Salaries payable is liability as it is payable in future time and all liabilities shown in balance sheet at liability side.
