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Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is a cheque account an asset?
The account itself is not an asset, but any money credited to the account is.
Is bank account an asset?
Yes, bank account is an asset (provided it is not a loan or credit card account). Since a Bank account is a place where we deposit and keep money, it can be considered an asset. (And this is only as long as you have cash in your account. If your account balance is 0 it is not an asset)
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 checking account an asset?
From the account holders perspective yes a checking account is an asset. The amount of money you have in your checking account is your asset. From the banks perspective it is a liability because whenever you want your money, the bank has to give it to you.
