Identify whether a debit or credit results in the indicated change for each of the following...

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Identify whether a debit or credit results in the indicated change for each of the following accounts. Debit Debit a. To incr

business accounting

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Answer 1

Answer #1

Solution

a	To increase supplies	debit
b	to decrease store supplies	credit
c	To increase legal expense	debit
d	To increase consulting revenue	credit
e	To decrease salaries payable	debit
f	To decrease equipment	credit
g	To increase interest payable	credit
h	To decrease buildings	credit
i	To increase common stock	credit
j	To increase store equipment	debit

.

All expense, asset accounts increase by debit and decrease by credit.

All revenue, liability, equity accounts increase by credit and decrease by debit.

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Answer 2

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