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Home Q & A Board Other Fields Homework Help Business Accounting
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Rea1l Rea1l
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Posts: 31
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2 years ago
A "Gain on disposal (sale) of equipment" is an increase in an expense account.  However, is a "Loss on disposal (sale) of equipment" a decrease in a liability account?
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Answer rejected by topic starter
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#1
2 years ago
If cash decreases:

  • There may be an increase in another asset account, such as inventory (purchase of inventory) or equipment (purchase of equipment), 
  • Or, a decrease in a liability account, such as accounts payable (payment to creditor) or notes payable (payment on loan), 
  • Or, an increase in an expense account (payment to vendor).
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