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An asset is a credit to you, something that gives you personally or business wise a positive in the way of worth.
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∙ 12y ago
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What is the formula for equity method?
dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET
Is furniture and fixtures a debit or credit?
Furniture is a credit and so is fixtures But furnitures are asset and fixtures are expenses
What is the journal entry for a cash purchase?
Debit Asset a/c if asset a/c is bought and credit Cash a/c OR if these are sundry supplies debit that head and credit cash acct
Is premises a debit or credit?
Premises is an asset for business and like all other assets of business which has debit balance as normal default balance it also has debit balance.
What do you debit and credit on a credit sale?
Assume we are selling a dress on credit for $100; the dress has a cost of $80. Accounts receivable: debit 100 Sales: credit 100 Cost of goods sold: debit 80 Inventory: credit 80 The rationale is as follows: Inventory is an asset (normal debit balance), which is reduced (hence a credit) Accounts receivable is an asset (normal debit balance), which increases (hence a credit) A profit is made of 20, hence equity increases. Instead of applying a credit on retained earnings, temporary T-accounts are used (sales and cost of goods sold) Sales has a normal credit balance, hence it is credited Cost of goods sold has a normal debit balance, hence it is debited Notice that the two temporary T-accounts together are credited for 20, which is the profit margin
What is the formula for equity method?
dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET
Do you increase an asset account with a debit or a credit?
You increase an asset accounts with a debit.
Is land a credit or debit?
Debit - expense or asset Credit - income or liability As land is an asset, it is a debit entry with the credit being to Bank/Cash/Sellor of the land
What is the journal entry for receiving a donated asset?
write up the entries required in revaluation account?
What is the journal entry to record fixed asset disposals?
[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx
What is the entry when asset is purchased and written off for the same?
[Debit] New Asset [Debit] Accumulated-Depreciation old asset [Credit] Cash (if any) [Credit] Old Asset
Is inventory a credit or debit?
Inventory is an asset, and so it is a debit to increase, and a credit to decrease.
What is the journal entry to write of an asset that is not completely depreciated?
[Debit] Accumulated Depreciation [Debit] Cash (If any) [Debit] Loss on disposal (if any) Credit Asset Credit Profit of disposal of asset (if any)
What are the journal entry for asset revaluation?
debit asset and credit asset revaluation
Is Accumulated depreciation debit or credit?
Accumulated depreciation is a contra to related asset so if asset has a debit balance then it has credit balance to reduce the related asset's value.
Is furniture and fixtures a debit or credit?
Furniture is a credit and so is fixtures But furnitures are asset and fixtures are expenses
What is the journal entry for asset received as gift?
debit asset credit bank
