It's an asset.
It is a contra asset account; thus, an ASSET
The transaction would increase an asset account and increase a liability account?
No. It's a liability account.
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.
It's an asset.
It is a contra asset account; thus, an ASSET
The transaction would increase an asset account and increase a liability account?
For Bank: Liability For You: Asset
It comes under liability
No. It's a liability account.
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.
equity
Electricity expense is an expense account while accrued electricity payable is a liability account
A checking account is considered an asset because it represents money that you own and can access.
accounts payable is a liablity.
A checking account is considered an asset because it represents money that you own and can access easily.