Which account would be decreased with a credit?
A)Retained Earnings
B)Accounts Receivable
C)Common Stock
D)Notes Payable

Question

Quizplus · Accepted Answer

Use debits for increases in assets (and for decreases in liabilities and stockholders' equity accounts).Use credits for increases in liabilities and stockholders' equity accounts (and for decreases in assets).Accounts Receivable is an asset and,as such,would be decreased with a credit.Retained Earnings and Common Stock are stockholders' equity accounts and Notes Payable is a liability account.Liabilities and stockholders' equity accounts are increased with credits.

Which Account Would Be Decreased with a Credit