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Does assets account have a debit balance or a credit balance?
debit
Are current assets debit or credit items?
Current assets are debit as all assets has default balance debit so current assets as well and these are shown under current assets section of balance sheet.
Is a premises an credit or debit?
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.
Types of intangible assets?
1 - Goodwill 2 - market related intangible assets 3 - Customer related intangible assets 4 - Contract related intangible assets 5 - Artistic related intangible assets 6 - Technology related intangible assets
Is investment credit or debit in trial balance?
It has debit balance as investment is an asset and all assets have debit balance .
Intangible asset increases by credit?
Intangible assets are assets like other assets and have debit balance so these are also increased by debit only and reduce by credit.
What is the journal entry for amortization?
Debit amortization expensesCredit intangible assets
Is Patents a credit or debit?
Debit, assuming you're BUYING a patent. Credit, if you have RECEIVED one from another company, or if you have received royalties or other income from one.
What is the entry for amortization?
Debit amortization expensesCredit intangible assets
Does assets account have a debit balance or a credit balance?
debit
Are current assets debit or credit items?
Current assets are debit as all assets has default balance debit so current assets as well and these are shown under current assets section of balance sheet.
What is the journal entry for receiving a donated asset?
write up the entries required in revaluation account?
Is a premises an credit or debit?
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.
Types of intangible assets?
1 - Goodwill 2 - market related intangible assets 3 - Customer related intangible assets 4 - Contract related intangible assets 5 - Artistic related intangible assets 6 - Technology related intangible assets
What will a decrease a revenue and a decrease in assets?
A sales refund will reduce income (debit to Sales Returns) and assets (credit to cash). A debit to Depreciation Expense and a credit to Accumulated Depreciation will reduce assets and net income.
Is investment credit or debit in trial balance?
It has debit balance as investment is an asset and all assets have debit balance .
Is a liability account a debit or a credit?
Remember the basic accounting equations Assets = Liabilities + Owners Equity (Stockholders Equity) Assets increase with a debit Liabilities as well as Equity increase with a credit Liabilities have a credit balance (meaning you must credit the account to "increase" it and debit the account to "decrease" it) this makes liabilities a credit.
