Question

Which of the accounts are decreased on the debit side and increased on the credit side?

Answer 1

Answer:

In the income statement, the income accounts. In the balance sheet, the liabilities and equity.

Explanation:

These accounts are opposite to expenses, in the case of the income statement; and to assets, in the case of balance sheet. When an income is registered, a credit increases this account, and as a counterpart, a debit increases assets (if a sales were made in cash).