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3 years ago

Identify whether a debit or credit yields the indicated change for each of the following accounts %

Business

1 answer:

muminat3 years ago

6 0

Answer:

a. To increase Prepaid Rent ⇒ DEBIT, since this is an asset account, in order to increase it you must debit it.

b. To decrease Prepaid Parking ⇒ CREDIT, since this is an asset account, in order to decrease it you must credit it.

c. To increase Repairs Expense ⇒ DEBIT, since this is an expense account, in order to increase it you must debit it.

d. To increase Commission Revenue ⇒ CREDIT, since this is a revenue account, in order to increase it you must credit it.

e. To decrease Rent Payable ⇒ DEBIT, since this is a liability account, in order to decrease it you must debit it.

f. To decrease Supplies ⇒ CREDIT, since this is an asset account, in order to decrease it you must credit it.

g. To increase Unearned Revenue ⇒ CREDIT, since this is a liability account, in order to increase it you must credit it.

h. To decrease Equipment ⇒ DEBIT, since this is an asset account, in order to increase it you must debit it.

i. To increase Retained Earnings ⇒ CREDIT, since this is an equity account, in order to increase it you must credit it.

j. To increase Store Supplies ⇒ DEBIT, since this is an asset account, in order to increase it you must debit it.

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