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Prepaid Rent is debited.
As an asset account, the accounts receivable (Sales Ledger Control) build up the debit side. So: First off, sales are credited the amount then the receivable account is debited the same amount. Once payment has been made then accounts receivable is credited and the bank is debited.
work in process inventory
Accounts Receivable
property and equipment should be debited if they increases because both are assets
Prepaid Rent is debited.
Prepaid Rent is debited.
Expense
If asset is increased it is Debited in Ledger and if liability increases it is credited. Accounts Receivables are treated as assets. Both Assets and Liabilities are shown in face of Statement of Financial Position.
Accumulated depreciation as well as any loss on disposal as well as if any cash received these three accounts are debited.
As an asset account, the accounts receivable (Sales Ledger Control) build up the debit side. So: First off, sales are credited the amount then the receivable account is debited the same amount. Once payment has been made then accounts receivable is credited and the bank is debited.
work in process inventory
Accounts Receivable
property and equipment should be debited if they increases because both are assets
Answer:Yes. To increase the allowance for doubtful accounts, expenses are incurred. Uncollectible accounts expense is debited, and the allowance is credited.The allowance is a buffer to absorb defaults. If the allowance is too high, the journal entry to increase the allowance is reversed. In other words, a debit to the allowance, and a credit to the uncollectible accounts expense. The reversal increases net income (as expenses are reduced).
An increase in depreciation expence is a credit to the accounts as it reduces asset value that was once debited
true