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A suspense account is a temporary holding account used in accounting to record transactions when there is uncertainty about their classification or when additional information is needed. It allows organizations to keep their books balanced while they investigate the nature of the transactions. Typically, a suspense account can contain either assets or liabilities, depending on the nature of the transactions being recorded. Once the classification is determined, the amounts are transferred to the appropriate accounts.
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The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is a Reserve account an asset or liability?
It is assets
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Is cash at the bank an asset or liability?
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.
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is a positive balance in your cheque account a asset or liability to you and the bank?
For Bank: Liability For You: Asset
Is a cheque account an asset or liability?
It comes under liability
Is a Reserve account an asset or liability?
It is assets
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Is cash at the bank an asset or liability?
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.
Is drawings an asset equity or liability account?
equity
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is a checking account considered an asset or liability?
A checking account is considered an asset because it represents money that you own and can access.
Is account payable asset or liability?
accounts payable is a liablity.
Is a checking account considered an asset or a liability?
A checking account is considered an asset because it represents money that you own and can access easily.
