A credit decreases the balance of assets and expenses.

Name: A credit decreases the balance of assets and expenses.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A credit entry in an account represents a decrease in the balance of assets and expenses. This is because credits are used to record transactions that reduce the amount owed or owned in these accounts. Conversely, debits are used to record transactions that increase the balance of assets and expenses.

A Credit Decreases the Balance of Assets and Expenses