Homework Answers
Answer:
| a | Assets |
| b | Equity |
| c | Liabilities |
| d | Dividends |
| e | Incr. |
| f | Incr. |
| g | Decr. |
| h | Incr. |
| i | Incr. |
| j | Decr. |
| k | Decr. |
| l | Incr. |
| m | Decr. |
| n | Credit |
| o | Debit |
| p | Debit |
| q | Debit |
| r | Debit |
Explanations:
For every account, Left side is 'Debit' And Right side is 'Credit'
Assets, Expenses and Dividends accounts increased by 'Debit' and decreased by 'Credit'.
Liabilities, Revenues and Retained earnings accounts increased by 'Credit' and decreased by 'Debit'
Equation:
| ASSETS | = | Liabilities | + | Equity | ||||||||||||
| Contributed Capital | + | Retained Earnings | ||||||||||||||
| ASSETS | = | Liabilities | + | Common stock | - | Dividends | + | Revenues | - | Expenses | ||||||
| Increase | Decrease | Decrease | Increase | Decrease | Increase | Increase | Decrease | Decrease | Increase | Increase | Decrease | |||||
| Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | |||||
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