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 is a contra asset account; thus, an ASSET
The transaction would increase an asset account and increase a liability account?
It is assets
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 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
It is assets
No. It's a liability account.
Neither.The liability for a bank is the actual checking or savings account (demand account), as this is money that is owed to the depositor. A bank check is simply a way to demand payment from the bank's liability account (or the depositor's asset account). The check by itself is not an additional liability to the bank above and beyond the actual account balance.
equity
Electricity expense is an expense account while accrued electricity payable is a liability account
accounts payable is a liablity.
Checking your account can be considered an asset as it represents the funds you have available for use. However, it can also be seen as a liability if your account has a negative balance or if you owe money to the bank or other creditors.