Which of the following accounts increase with debits? Cash Interest expense Interest revenue Land Accounts payable...
Which of the following accounts increase with debits?
- Cash
- Interest expense
- Interest revenue
- Land
- Accounts payable
- Retained earnings
- Sales
- Cost of goods sold
- Dividends
- Bank loans payable
Homework Answers
Answer:
a. Cash: Cash is an asset. The debit of Cash account will increase the cash balance.
b. Interest Expense: Interest Expense is an expense. If the interest expense is debited then the interest expense account balance will increase.
c. Interest Revenue: Interest Revenue is an income. If the interest revenue is debited then the interest expense account balance will decrease.
d. Land: Land is an asset. The debit of Land account will increase the balance.
e. Accounts Payable: Accounts Payable is a liability. The account payable balance will decrease with the debit of accounts payable.
f. Retained Earnings: If the Retained Earnings account is debited it implies the decrease in the balance of retained earnings.
g. Sales: Sales is an income and decreases with the debit of Sales account.
h. Cost of goods sold: Cost of Goods Sold increases with the debit.
i. Dividends: Debit of Dividends implies payment of dividend. Hence Dividend balance decreases.
j. Bank loans payable: Bank Loans Payable is a liability. With the debit of Bank Loans Payable account, there will be decrease in Bank Loans Payable Account.
Conclusion: The following will increase with debit:
(1) Cash
(2) Interest Expense
(3) Land
(4)Cost of Goods Sold
Note: The assets and expenses increases with debit and the liabilities and incomes decreases with debit.
Add Answer to:
Which of the following accounts increase with debits?
Cash
Interest expense
Interest revenue
Land
Accounts payable...
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