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In the profit and loss: Expenses and in the bakance sheet: Any asset
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∙ 13y ago
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Increase in revenue accounts are debits?
yes
Are accounts normally decreased by debits?
All credit accounts are decrease by debits while all debit accounts are increased by debits and vice versa.
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
Are Liability accounts are increased by debits?
No Liabilities will not be increased they will be decreased by debits
Asset accounts are increased by debits?
Yes. And Liabilties are increased by credits.
Increase in revenue accounts are debits?
yes
Are accounts normally decreased by debits?
All credit accounts are decrease by debits while all debit accounts are increased by debits and vice versa.
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
Are Liability accounts are increased by debits?
No Liabilities will not be increased they will be decreased by debits
What is a book of accounts showing debits and credits called?
The General Ledger
What is one word for a book of accounts showing debits and credits?
journel
Asset accounts are increased by debits?
Yes. And Liabilties are increased by credits.
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
Is an Increase in Dividends a credit or debit?
Dividends are increased with debits.
What sides are the debits on for accounts receivable?
bill receivable a/c cr to customer a/c
The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled?
Accounts Receivable.
How do you read a balance sheet?
A balance sheet should be equal debits and credits at the end of it. Your debits are what you spend. Money on expenses or just about anything. Credits is assets/money/capital credited to accounts. Credits must equal the debits.
