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It might either be an asset or liability depending on what type of account information it holds e.g. if it holds a payable information like mortgage approved that await transfer then it is a liability, else for accounts like escrow where in payment is deposited but will be transferred to certain identified GL accounts post approvals, it is treated as a Asset.
What else can I help you with?
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 gst clearing account on the debit or credit side?
The GST (Goods and Services Tax) clearing account is typically on the credit side of the accounting ledger when the tax is collected from customers and debit side where it is paid to the tax authorities. When a business collects GST from customers, it is collected as a liability until it is remitted to the tax authorities. The GST clearing account is used to track this liability until the payment is made to the government. Once the GST is remitted, the balance in the clearing account decreases, and the liability is cleared.
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.
