Mod 12.3b: Assume you needed to record journal entries that would DECREASE each of the the...
Mod 12.3b: Assume you needed to record journal entries that would DECREASE each of the the following accounts. Which of the following accounts would need to be DEBITED? Accumulated depreciation Dividends Bonds payable Gain on sale Patents Insurance expense the ones that I selected were accumulated depreciation, dividends, bonds payable... which other one did I miss?
Homework Answers
Solution:
The answer would be Gain on sale
Gain on sale is a revenue account , and it has normal credit balance , so to decrease the balance of this account , it needs to be debited.
Patents is asset account and insurance expense is expense account, they both have normal debit balance , so decrease these accounts , they need to be credited.
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Mod 12.3b: Assume you needed to record journal entries that
would DECREASE each of the the...
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