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If payment on a current liability?
Payment On Current Liability Debit The Current Liability (say Sundry Creditor) (Liability Decreases) Credit Cash Or Bank (Current Asset Decreases)
A transaction that increases an asset and decreases a liability must also affect one or more other accounts?
TRUE
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Is rent income a asset liability or owners equity?
asset liability
Is equipment an asset or liability?
Asset
If payment on a current liability?
Payment On Current Liability Debit The Current Liability (say Sundry Creditor) (Liability Decreases) Credit Cash Or Bank (Current Asset Decreases)
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
A transaction that increases an asset and decreases a liability must also affect one or more other accounts?
TRUE
Decrease an asset account and decrease a liability account?
if you have a asset and you sale it and then money which you get pay as a liability so decreas in asset and decreas in liability occurs.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Is asset or liability?
asset
Bad debts is a liability or an asset?
A bad debt is a expense which affects the owners equity as it is charged against the profit and loss account and it decreases the profit of the business.
Is rent income a asset liability or owners equity?
asset liability
Is equipment an asset or liability?
Asset
Is premises a asset or liability?
asset
Is equipment liability or asset?
Asset
Is debtor asset or liability?
asset
