If an asset account is credited, it indicates O An error. O An increase in the asset. O A decrease in the asset. O A credit was made to a liability account.
If an asset account is credited, it indicates O An error. O An increase in the asset. O A decrease in the asset. O A credit was made to a liability account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:If an asset account is credited, it indicates
O An error.
An increase in the asset.
O A decrease in the asset.
O A credit was made to a liability account.
Expert Solution
Step 1
Increase in liabilities should be credited and decrease in liabilities should be debited.
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