When an asset is sold, debit cash for the amount received and credit the asset account for its original cost.

In summary: an increase (+) to an asset account is a debit.

Conversely, a decrease ( ) to an asset account is a credit.

This basic analogy can be applied to any asset account.

A business will most often have more than one asset account.

Military Times noted that prior lawsuits against insurance companies pertaining to the use of retained asset accounts have been dismissed in federal courts without action.

Below is a rundown of the features and charges of some major central asset accounts.

A taxpayer may group assets together into a general asset account.

For example, the "inventory" account asset account might be changed to bring them into line with the actual numbers counted during a stock take.

For example, if fuel costs (an expense account), are debited to stock (an asset account).