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What is the difference between office supplies account and office supplies expense account?
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
Is cash an asset liability or equity?
asset equity
Are retained earnings an asset equity or liability?
asset equity
Is rent income a asset liability or owners equity?
asset liability
Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
What is the difference between office supplies account and office supplies expense account?
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
Is drawings an asset equity or liability account?
equity
Is cash an asset liability or equity?
asset equity
Is the loan you take to buy the business considered a liability and equity?
The loan is considered a liability - The value of the company is the equity.
Are retained earnings an asset equity or liability?
asset equity
Is rent income a asset liability or owners equity?
asset liability
Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
Why profit is mentioned at the liability side?
Profit is a part of owner's equity and actually increase the owner's equity that's why shown under owner's equity heading in liability side of balance shee.Owner's Equity xxxxadd:profit xxxx
Why is owner's equity a special liability?
As owners equity is likely to be paid back only at the closure of business entity, this is considered as special liability, the special being " liability to be paid at the end".
In a corporate balance sheet is common stock considered an asset liability or equity?
Equity.
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Are owners equity and debtor fall under asset?
Owner equity is liability for business falls under liability or equity side while debters are current assets of business and fall under current assets.
