According to the rules of debit and credit for balance sheetaccounts:a. Increases in asset, liability, and owners’ equity accountsare recorded by debits.b. Decreases in asset and liability accounts are recorded bycredits.c. Increases in asset and owners’ equity accounts arerecorded by debits.d. Decreases in liability and owners’ equity accounts arerecorded by debits.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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According to the rules of debit and credit for balance sheet
accounts:
a. Increases in asset, liability, and owners’ equity accounts
are recorded by debits.
b. Decreases in asset and liability accounts are recorded by
credits.
c. Increases in asset and owners’ equity accounts are
recorded by debits.
d. Decreases in liability and owners’ equity accounts are
recorded by debits.

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