Can Someone Explain Contra Accounts To Me?

Content Accounting Topics An Example Of Recording A Contra Asset Do Contra Asset Accounts Always Have A Credit Balance? Accumulated Depreciation Why Are Contra Asset Accounts Important For Businesses? Accounting Topics Before you issue a balance sheet, fix any errors and reclassified any asset accounts with a credit balance as a liability. Reserve for obsolete […]

Statement Of Retained Earnings

Content What Is Affected On A Balance Sheet If More Stocks Are Issued? What Happens To Shareholder’s Equity When The Firm Issues More Shares? Stock Dividends Accounts with normal debit balances include expenses and assets. If a company pays for a one-year insurance policy that will expire next year, then assets increase and liabilities decrease. […]

Fixed Asset Definition

Content What Is A Fixed Asset? (definition And Examples) Business Operating Fixed Assets How To Record Fixed Assets Intangible assets are nonphysical assets classified as either limited life or indefinite life fixed assets. Your limited life intangible assets expire after a certain date and include copyrights, patents, computer programs and software. Indefinite life intangible assets […]