Matching debit and credit terminology with accounting elements
Required
Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of accounts belonging to each category of financial statement elements. The appropriate debit/credit terminology has been identified for the first category (assets) as an example.
Category of Elements | Used to Increase This Element | Used to Decrease This Element |
Assets | Debit | Credit |
Liabilities |
|
|
Common Stock |
|
|
Retained Earnings |
|
|
Revenue |
|
|
Expense |
|
|
Dividends |
|
|
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