Homework Answers
Correct answer is Option (D) Increase Assets and Decrease Liabilities.
Assets accounts normally have a debit balance and debit to it increases the balance. For example, Fixed asset account is debited when a new purchase is made. So, the balance Increase.
On the other hand, Liabilities have a credit balance and thus debit decrease the liabilities. For example, Accounts payable is a liability and it is debited when payment is made. The liability balance is reduced then.
So, debit increase Asset and decrease Liabilities.
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following: How do you increase and decrease the following accounts using debits and credits? INCREASE DECREASE ASSETS DEBIT CREDIT (EXAMPLE) LIABILITIES COMMON STOCK RETAINED EARNINGS REVENUE EXPENSES DIVIDENDS
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If during the year total assets increase by $74,000 and total liabilities decrease by $15,500, by how much did owner's equity increase/decrease? Multiple Choice O $89.500 decrease O $58,500 decrease $89,500 increase O $74.000 increase < Prey 6 of 30 # Next > are to search 9 e E - Fa Hj cv | BN
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