When an asset is sold which account is credited

Asked by admin @ 13/08/2021 in Accountancy viewed by 497 People

When the assets of the firm are sold account is credited?

Answered by admin @ 13/08/2021

Cash A/c Dr.
To. Assets. A/c

What does it mean to freeze assets and bank accounts

Asked by admin @ 10/11/2021 in Social Studies viewed by 310 persons

What is an asset? what does it mean to freeze assets and bank accounts.

What is the normal balance side of an asset account

Asked by admin @ 29/10/2021 in Engineering viewed by 319 persons

What is the normal balance side of an asset?

A contra asset account has what type of balance

Asked by admin @ 20/08/2021 in Accountancy viewed by 465 persons

A contra asset account has what type of balance? Mcq answers

Temporary accounts include assets expenses and the owner's drawing account

Asked by admin @ 09/11/2021 in Business viewed by 255 persons

In preparing closing entries:_______. a. each revenue account will be credited. b. each expense account will be credited. c. the owner's capital account will be debited if there is net …

Sales discounts is a revenue account with a credit balance

Asked by admin @ 22/11/2021 in Business viewed by 311 persons

The Sales Discounts Forfeited account ________. Select one: A. represents additional sales revenue B. is a contra Sales Revenue account C. is a balance sheet account D. represents the discount …

A credit is not the normal balance for which account

Asked by admin @ 10/11/2021 in Business viewed by 312 persons

Assuming normal balances, which of the following statements is not true for T accounts? a.The excess of the credits of a liability account over the debits is the balance of …

The normal balance of an expense account is a credit

Asked by admin @ 10/11/2021 in Business viewed by 277 persons

For the accounts listed below, indicate if the normal balance of the account is a debit or credit. Accounts Normal Balance 1. Service Revenue 2. Rent Expense 3. Accounts Receivable …

Does accounts receivable have a normal debit or credit balance

Asked by admin @ 29/10/2021 in Business viewed by 324 persons

Account(s) with a normal credit balance include:_________. A) Accounts Receivable B) Allowance for Uncollectible Accounts C) Bad Debt Expense D) Cash E) Sales Revenue

The credit balance of income and expenditure account

Asked by admin @ 26/08/2021 in Accountancy viewed by 486 persons

The credit balance of an income and expenditure account indicates Deficit

Which of the following accounts have only credit balance

Asked by admin @ 17/08/2021 in Accountancy viewed by 461 persons

Which of the following accounts have only credit balance? (a) Reserve fund account (b) Capital account (c) Accounts payable (d) All of these

Assets created by selling goods and services on credit are

Asked by admin @ 02/08/2021 in Accountancy viewed by 485 persons

Assets created by selling goods and services on credit are

Which of the following accounts has a normal credit balance

Asked by maham237 @ 01/01/2021 in Business viewed by 325 persons

Which of the following types of accounts have a normal credit balance? A. liabilities and expenses B. common stock and dividends C. revenues and common stock D. assets and liabilities

Any credit balance in a vendor subsidiary account is an unpaid balance owed

Asked by maham237 @ 01/12/2020 in Business viewed by 327 persons

true or false.

How to create a netflix account without a credit card

Asked by admin @ 07/11/2021 in English viewed by 307 persons

Does anyone know how to create a netflix account without using a credit card or any payment method?

Cost of goods sold managerial accounting

Asked by maham237 @ 21/02/2021 in Business viewed by 359 persons

The field of finance deals with two basic decisions. They are the investment decision (to what projects or assets should funds be allocated) and the financing decisions (from where should …