Revenue decreases with a debit because its normal balance is credit. A normal balance assigns accounts either a debit or a credit balance whenever an...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough...
If the Unearned Revenue account was increased, would this be recorded as a debit or a credit? The balance in Accounts Payable is decreased with a entry. a. debit b. credit The Sales Returns and Allowances account is classified as a(n) a. asset account. b. contra asset account. c. ex...
FALS 23. Double entry accounting requires that each transaction affect, and be recorded in, at least two accounts. TRUE 24. A revenue account normally has a debit balance. FALSE 25. Accounts are normally decreased by debits. FALSE 26. The owner's withdrawal account normally has a credit ...
In accounting, journal entries record all financial activities of the business. It is based on the concept of a double-entry bookkeeping system that at least one debit and one credit must be recognized. Answer and Explanation:1 The c...
Simply offering the payment methods your customers want could help you seal the deal. In one survey, 13% of respondents said they abandoned a cart in the last three months because there weren’t enough payment methods.3 For example, while many large enterprises offer traditional debit, credit,...
Do the terms debit and credit signify an increase or decrease, or can they signify either? Explain.General Ledger Accounts:General ledger accounts are the record opened in the general ledger for each asset, liability, equity, revenue, and expense item a company ...
a) credit prepaid rent account b) debit insurance expense account c) credit tax payable account Accounts: In accounting and bookkeeping an account refers to assets, liabilities, equity, revenue, and expenses that are increased o...
Indicate how to increase or decrease (debit or credit) each account, and indicate its normal balance (debit or credit). Accounts receivable Indicate whether a debit or credit entry would be made to record the following changes in ...
A credit is used to record an increase in all of the following accounts except: A. Service Revenue B. Accounts Payable C. Wages Expenses D. Common Stock E. Unearned Revenue For the Service Revenue account, what is the effect of a debit o...
Why does revenue decrease with a debit? How does net income affect capital? Does inventory write down affect net income? Why does an increase in expenses result in a decrease in shareholder's equity? What other part of the accounting equation is likely to be affected?