1 answer

Identify whether a debit or credit results in the indicated change for each of the following...

Question:

Identify whether a debit or credit results in the indicated change for each of the following accounts. Debit Debit a. To incr

Identify whether a debit or credit results in the indicated change for each of the following accounts. Debit Debit a. To increase Supplies b. To decrease Store Supplies c. To increase Legal Expense d. To increase Consulting Revenue e. To decrease Salaries Payable f. To decrease Equipment g. To increase Interest Payable h. To decrease Buildings i. To increase Common Stock j. To increase Store Equipment Debit Credit

Answers

Solution

a To increase supplies debit
b to decrease store supplies credit
c To increase legal expense debit
d To increase consulting revenue credit
e To decrease salaries payable debit
f To decrease equipment credit
g To increase interest payable credit
h To decrease buildings credit
i To increase common stock credit
j To increase store equipment debit

.

All expense, asset accounts increase by debit and decrease by credit.

All revenue, liability, equity accounts increase by credit and decrease by debit.

.

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