Under a double-entry accounting system, show how the entry for each transaction listed is entered in the ledger by choosing debit or credit to indicate the increase or decrease in the effected account.
-A decrease in Office supplies.
A) Debit
B) Credit

Question

Quizplus · Accepted Answer

A decrease in office supplies, which is an asset account, is recorded as a credit in a double-entry accounting system.

Under a Double-Entry Accounting System, Show How the Entry for Each