On 31 Oct 96 04:08pm, CAROLE CAPUANO wrote to CHUCK THOMPSON:
 CC> Different no, completely against standard accounting procedures, 
 CC> yes.
Huh?  Credit balances are liabilities on the balance sheet without
regard to how the account may be captioned.  (Okay, a few are known
as "contra-assets" -- such as accumulated depreciation and bad debt
reserves.)
 CC> What if it's not an asset but an expense, you're getting 
 CC> double-banged.
The expense gets debited and the liability credited when you make
the entry recognizing the credit card purchase.  The liability gets
debited and the cash asset credited when you make the payment.  In
the case of an asset purchase, it's the asset that's debited in the
first step.
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