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Sales discounts is a contra asset account

sales discounts is a contra asset account

All accounts must first be classified as one of the five types of accounts (accounting elements) ( asset, liability, equity, income and expense ).
The Equity section of the balance sheet typically shows the value of any outstanding shares that have been issued by the company as well as its earnings.
Jackson,.G.C., "The History of Methods of Exposition of Double-Entry Bookkeeping in England." Studies in the History of Accounting,.
Total (Dr) 21350 Total (Cr) awesome christmas gifts for 12 year olds 21350 T-accounts edit The process of using debits and credits creates a ledger format that resembles the letter "T".Long-term liability, when money may be owed for more than one year."Q A: What is speedway speedy rewards a contra expense account?".Equity accounts edit Equity accounts record the claims of the owners of the business/entity to the assets of that business/entity.The Undeposited Funds account balance should only reflect those funds that have been received by a company but not yet deposited in the bank.

Therefore, the equipment account of Quick Services increases and is debited: Equipment (Asset) (Dr) (Cr) 500 As the transaction for the new computer is made on credit, the payable "ABC Computers" has not yet been paid.
This scenario does not pass the standard set by the matching principle, where all revenues and expenses associated with a transaction should be recognized within the same period.
If everything is viewed in terms of the balance sheet, at a very high level, then picking the accounts to make you balance sheet add to zero is the picture.
In double entry bookkeeping, debits and credits (abbreviated, dr and.The chart of accounts is the table of contents of the general ledger.Related Courses, bookkeeping Guidebook, how to Audit Revenue, revenue Management.Analysis or Resolution of Merchant Accompts 3e at WorldCat "For each one of all the entries that you have made in the Journal you will have to make two in the Ledger.The way of doing these placements are simply a matter of understanding where the money came from and where it goes in the specific account types (like Liability and net assets account).When one institution borrows from another for a period of time, the ledger of the borrowing institution categorises the argument under liability accounts.It is accepted accounting practice to indent credit transactions recorded within a journal.A refund granted to customers if they return goods to the company (typically under a return merchandise authorization).Receipts from several customers can be grouped by clicking on the.