As used in accounting, what do the terms 'debit' and 'credit' mean?
A) The bad and good things, respectively, that happen to a business
B) Increases and decreases, respectively
C) Left and right sides, respectively, of a T ledger account
D) First and second, respectively
Correct Answer:
Verified
Q2: An increase in assets and an increase
Q3: The worksheet approach and the T account
Q4: The owner of an entity pays cash
Q5: A credit entry is used to record
Q6: Decreases in assets are credited, and increases
Q8: The recording of transactions in the worksheet
Q9: Which of the following does not normally
Q10: On 1 August XYZ Ltd issued $240
Q11: The ledger accounts for accumulated depreciation and
Q12: When using an extended trial balance approach
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