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QS 2.7 Analyzing debit or credit by account LO A1 Identify whether a debitor credit results in the Indicated change for each
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Answer #1

In the financial statements, for

  • Assets and Expenses- A debit to such accounts lead to increase and credit will lead to decrease in balance.
  • Liabilities and Incomes- A debit to such accounts lead to decrease and credit will lead to increase in balance.

Accordingly solution to above question is as follows:-

To increase Land Debit
To decrease Cash Credit
To increase Fees Earned (Revenues) Credit
To increase Salaries Expenses Debit
To decrease Unearned Revenue Debit
To decrease Prepaid Rent Credit
To increase Notes Payable Credit
To decrease Accounts Receivable Credit
To increase Owner Capital Credit
To increase Store Equipment Debit
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