The debit side of all accounts decreases the balance and the credit side increases all accounts.

Name: The debit side of all accounts decreases the balance and the credit side increases all accounts.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The debit side increases assets, decreases liabilities and equity, while the credit side increases liabilities, equity, and revenue while decreasing expenses. The effect on balance depends on the account type and the transaction being recorded.

The Debit Side of All Accounts Decreases the Balance and the Credit