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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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