An important rule of debits and credits is:
A) credits increase a liability account.
B) debits decrease an asset account
C) revenues are increased by a debit.
D) expenses are increased by a credit.
Correct Answer:
Verified
Q59: A company had credit sales of $30,000
Q60: To compute the ending balance of retained
Q61: All business transactions involve an increase in
Q62: Revenues and expenses are specialized stockholders' equity
Q63: Double-entry accounting affects at least three accounts.
Q65: Which of the following is a correct
Q66: Which accounts are increased by debits?
A) Cash
Q67: If the credits to an account exceed
Q68: An important rule to remember when working
Q69: Increases in stockholders' equity that result from
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents