Which of the given option is correct regarding a debit entry.

Question

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Answer 1

Question

Chapter 2, Problem 1QC

To determine

To identify: Which of the given option is correct regarding a debit entry.

Expert Solution & Answer

Answer to Problem 1QC

a. Increases assets.

Explanation of Solution

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Option “b, c, and d” are not correct answer as per above explanation, only option “a” is correct answer as per above explanation. Hence, the correct answer is option a.

Conclusion

Therefore, the correct option is (a), increases assets.

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I am looking for a step-by-step explanation of this financial accounting problem with correct standards.

Answer 2

Question

Chapter 2, Problem 1QC

To determine

To identify: Which of the given option is correct regarding a debit entry.

Expert Solution & Answer

Answer to Problem 1QC

a. Increases assets.

Explanation of Solution

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Option “b, c, and d” are not correct answer as per above explanation, only option “a” is correct answer as per above explanation. Hence, the correct answer is option a.

Conclusion

Therefore, the correct option is (a), increases assets.

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Answer 3

Question

Chapter 2, Problem 1QC

To determine

To identify: Which of the given option is correct regarding a debit entry.

Expert Solution & Answer

Answer to Problem 1QC

a. Increases assets.

Explanation of Solution

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Option “b, c, and d” are not correct answer as per above explanation, only option “a” is correct answer as per above explanation. Hence, the correct answer is option a.

Conclusion

Therefore, the correct option is (a), increases assets.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1QC

To determine

To identify: Which of the given option is correct regarding a debit entry.

Expert Solution & Answer

Answer to Problem 1QC

a. Increases assets.

Explanation of Solution

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Option “b, c, and d” are not correct answer as per above explanation, only option “a” is correct answer as per above explanation. Hence, the correct answer is option a.

Conclusion

Therefore, the correct option is (a), increases assets.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1QC

To determine

To identify: Which of the given option is correct regarding a debit entry.

Expert Solution & Answer

Answer to Problem 1QC

a. Increases assets.

Explanation of Solution

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Option “b, c, and d” are not correct answer as per above explanation, only option “a” is correct answer as per above explanation. Hence, the correct answer is option a.

Conclusion

Therefore, the correct option is (a), increases assets.

Answer 6

Chapter 2, Problem 1QC

To determine

To identify: Which of the given option is correct regarding a debit entry.

Expert Solution & Answer

Answer to Problem 1QC

a. Increases assets.

Explanation of Solution

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Option “b, c, and d” are not correct answer as per above explanation, only option “a” is correct answer as per above explanation. Hence, the correct answer is option a.

Conclusion

Therefore, the correct option is (a), increases assets.

Answer 7

Chapter 2, Problem 1QC

To determine

To identify: Which of the given option is correct regarding a debit entry.

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

a. Increases assets.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Option “b, c, and d” are not correct answer as per above explanation, only option “a” is correct answer as per above explanation. Hence, the correct answer is option a.