Which of the Following Is an Asset Account

All of the Above. The Land account is an asset.

Assets Capital Liabilities 3 Excel Templates Business Person Business Account

In other words assets are items that a company uses to generate future revenues or maintain its operations.

. The Land account is increased on the left side of its T-account. Acash Baccounts receivable Caccounts payable Dfurniture and equipment 1 See answer Advertisement Advertisement daniela3244 is. 8 Which of the following is an asset account.

All of these choices are correct. A debit to Supplies and a credit to Cash. B Accounts Payable 3.

A debit to Supplies expense and a credit to Accounts Receivable c. Appropriate sign in the appropriate column. Which of the following is an asset account.

A contra asset account is a type of asset account where the account balance may either be a negative or zero balance. 9 A liability created when a business collects cash from customers in advance of providing services or delivering goods is called. Which of the following accounts decreases with a credit.

Acash Baccounts receivable Caccounts payable Dfurniture and equipm Get the answers you need now. Its net sales were 15200000 for the. Which of the following is an asset account.

Daniela3244 daniela3244 10232020 Business High School answered Which of the following is not an asset. Inventory Inventory is a current asset account found on the balance sheet consisting of all raw materials work-in-progress and finished goods that a. Purchased supplies for cash.

An asset is defined as a resource that is owned or controlled by a company that can be used to provide a future economic benefit. This type of asset account is referred to as contra because normal asset accounts might include a debit or positive balance and contra asset accounts can include a credit or negative balance. A debit to Supplies and a credit to Accounts Payable.

What is an Asset Account. Plant and Machinery 2. The entry to record the purchase will include.

The Land account is an asset. The Land account is used to record the costs of land purchased by the business. It includes assets such as cash and cash equivalents inventory accounts receivable etc.

Assets accounts generally have a debit balance. Which one of the following is a financial asset. A Salaries Expense 2.

C Service Revenue 4. Show how to use T-accounts to record this transaction by selecting the correct answer below. Accounting questions and answers.

All of the following are asset accounts except a. Listed in random order below are the balance sheet figures of Qalam Ltd as at 31 March 2006. All the following account are assets account.

1000 in December for ABC to perform services for Jay in 45. A debit to Accounts Receivable and a credit to. Which of the following accounts is a liability account.

Which of the following is an asset account. An asset account refers to an account that records the assets held or owned by a company. Paid the monthly rent expense.

Jackson invested 1000 in his business. The balances in the asset accounts will be summarized and reported on the companys balance sheet. Client Jay pays ABC Co.

Generally the asset account balances are debit balances and are increased with a debit entry and decreased with a. For each transaction indicate whether are assets A Liabilities L or equity E increased decreased - or did not change 0 by placing the. PPE Property Plant and Equipment PPE Property Plant and Equipment PPE Property Plant and Equipment is one of the core non-current assets found on the balance sheet.

Prepaid costs that have not yet expired are considered to be assets. C liabilities and revenues. Which of the following is an asset account.

Which of the following account groups normally has a credit balance. ASalaries expense bAccounts payable cService expense dPrepaid expense. A company had 7000000 in net income for the year.

Salaries expense or salaries payable dividends payable and accounts payable all these accounts are classified as liabilities accounts. A assets and liabilities B equity and assets C liabilities and revenues D assets and expenses. Income profit increases equity while expense lose decreases equity1.

ACash bSmith Capital cAccounts Receivable dNotes Payable. Which of the following is an asset account. Increases in assets and owners equity as a result of selling services or products to customers is called revenue.

Prepaid Rent Expense C. Which of the following is an asset account. After entering a transaction into the accounting equation an increase in total assets can be accompanied by a n increasedecrease in total liabilities and equityassets.

Since asset accounts normally have debit balances a contra asset account would have a credit balance. An asset account is a general ledger account used to sort and store the debit and credit amounts from a companys transactions involving the companys resources. Prepaid Insurance is a current asset.

On January 14 Decker industries purchased supplies of 500 on account. Accounting questions and answers. Accounts Payable Service Revenue d.

An account used to record the stockholders investments in a business is called an. Trade receivables 50000 Trade payables 30000 Building 90000 Share capital 100000 Bank loan 40000 Inventories 10000 Cash and cash equivalents 20000 Reserves 50000 Intangible assets 30000 Treasury shares. 3 Which of the following is an asset account.

When financial statements are prepared unexpired prepaid accounts are recorded as expensesassetsliabilities and the expired portion of the prepaid account is reported as a n expenseassetliability. Prepaid rent is an _____ account and has a normal _____ balance.

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