Homework Answers
As per the 3 golden rules of accountancy given one of them is as follows
Debit all expenses and Losses
Credit all Income and Gains
It means that the expenses and Losses should be debited which means that a debit increases the amount of expense and losses and similarly all the income and Gains should be credited which means credit increases the amount of gains and incomes.
In connection with the case of assets every debit entry increases the value of assets and every credit entry decrease the value of assets similarly a credit increases the value of liabilities and a debit entry reduces the value of liabilities.
As per the above question asked
A credit entry will decrease the amount of expenses and also the amount of assets .
Option B is the Correct Answer.
Expenses and Assets.
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Question Help Thorpe Corporation purchases a new delivery truck and signs a note payable at the...
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