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Is purchase returns an asset or liability?

Anonymous

∙ 12y ago

Updated: 4/28/2022

purchase return is assets or liability or expense

Wiki User

∙ 12y ago

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Is a purchase discount account an asset or liability?

It is a contra asset account; thus, an ASSET

Give a example of Increase an asset and increase a liability.?

When we purchase fixed asset on credit then it increases our Assets and also increase liability. Transaction as follows: Asset [Debit] Payable [Credit]

What will increase one asset and decrease another asset with no effect on liability or owner s equity?

Purchase an asset on cash will increase the purchased asset while reduce the cash amount and no impact on liability or equity section.

Is a trade debtors asset or liability?

yes It is an Asset, not a Liability.

How does the purchase of equipment by signing a note affect the accounting equation?

asset increased, liability increased

Related Questions

Is a purchase discount account an asset or liability?

It is a contra asset account; thus, an ASSET

Give a example of Increase an asset and increase a liability.?

When we purchase fixed asset on credit then it increases our Assets and also increase liability. Transaction as follows: Asset [Debit] Payable [Credit]

What is net liability?

Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset

What will increase one asset and decrease another asset with no effect on liability or owner s equity?

Purchase an asset on cash will increase the purchased asset while reduce the cash amount and no impact on liability or equity section.

Is a trade debtors asset or liability?

yes It is an Asset, not a Liability.

How does the purchase of equipment by signing a note affect the accounting equation?

asset increased, liability increased

Is asset or liability?

asset

Is rent income a asset liability or owners equity?

asset liability

Is ending inventory asset or liability?

asset Inventory is a current asset so when the required inventory is utilized the remaining inventory still remain as asset and not become liability. For example inventory of $100 purchase to use for production which is our current asset. when inventory of $90 utilized the remaining $10 is still our current asset while $90 become expense for production of units.

Is debtor an asset or liability?

It is an asset

Is Cash an asset or liability?

Asset.

Is a premises an asset or liability?

asset

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