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An asset account is a "balance sheet" account. That is, when financial reports are created, the balances in asset accounts are reported on the balance sheet*, together with the balances in liability accounts and shareholders' equity accounts, and not on the income statement (which reports only revenues and expenses for the period of time ending on the balance sheet date.)
*Another name for the balance sheet is the Statement of Financial Position.
What else can I help you with?
What type of account is Allowance For Bad Debt?
Asset
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
The type of account and normal balance of accumulated depreciation is?
contra asset account, credit balance
Account type and normal balance of prepaid expense?
asset, debit
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
What type of account is accumulated depreciation and how is it reported in the financial statements?
Accumulated depreciation is a contra-asset account and show in the asset section of the Balance Sheet. It is called contra-asset account because contrary to any asset account Acc. Dep. is a credit type of account. The offset of Accumulated depreciation is to Debit the expense account Depreciation.
What type of account is Allowance For Bad Debt?
Asset
Allowance for doubtful accounts is what type of account?
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
The type of account and normal balance of accumulated depreciation is?
contra asset account, credit balance
Account type and normal balance of prepaid expense?
asset, debit
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
Year end adjustments to an asset account would I also adjust the expense account?
Type your answer here... no
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
What type of account is equipment?
Equipment is a long term asset account available for business to generate economic revenue.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
