Question

What is the balance of an asset account *​

Answer 1

Answer:

An asset account is a general ledger account used to sort and store the debit and credit amounts from a company's transactions involving the company's resources. ... Generally, the asset account balances are debit balances and are increased with a debit entry and decreased with a credit entry.

Answer 2

Definition of an Asset Account

The balances in the asset accounts will be summarized and reported on the company's balance sheet. Generally, the asset account balances are debit balances and are increased with a debit entry and decreased with a credit entry.

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