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When a company records depreciation it debits?
debits expense accounts and credits contra accounts
Asset accounts are increased by debits?
Yes. And Liabilties are increased by credits.
Are revenue accounts increased by credits?
Revenue accounts have credit balance as a normal balance so credit is the way to increase the revenue account.
What are the 2 type of quickbooks account?
The 2 types of QuickBooks accounts are "Balance Sheet" accounts and "Income and Expense" accounts. Balance sheet accounts can be used to create and add to chart of accounts. Income and expense accounts track income sources and the purpose of each expense.
Different names for bad debt expense?
Uncollectible Accounts Expense.
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
Asset accounts are increased by debits?
Yes. And Liabilties are increased by credits.
Are revenue accounts increased by credits?
Revenue accounts have credit balance as a normal balance so credit is the way to increase the revenue account.
What are the 2 type of quickbooks account?
The 2 types of QuickBooks accounts are "Balance Sheet" accounts and "Income and Expense" accounts. Balance sheet accounts can be used to create and add to chart of accounts. Income and expense accounts track income sources and the purpose of each expense.
Is it true that in recording the adjusting entry for accrued taxes both accounts involved are increased?
No, in recording the adjusting entry for accrued taxes, one account is increased while the other account is increased. The accrued taxes payable account is increased to record the liability for the taxes that has been earned but not yet paid, and an expense account (such as taxes expense) is also increased to reflect the amount of taxes that has been incurred.
Different names for bad debt expense?
Uncollectible Accounts Expense.
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
Which accounts belong in accounts payable ledger?
belong to credits
Cash is increased by?
expense
What is the debited classified accounts?
Expense
Are revenue and expense accounts real accounts?
No real accounts are for business possessions like assets and stock revenue and expense items are recorded in the nominal also named the general ledger. Personal accounts are for debtors and creditors accounts.
What accounts can be found in income statement?
Accounts found on an Income Statement are : Cost of Sales, Sales Rev., Selling Expense and Wage Expense
