Matching debit and credit terminology with accounts
Required
Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example.
Account Titles | Used to Increase This Account | Used to Decrease This Account |
Accounts Receivable | Debit | Credit |
Accounts Payable |
|
|
Common Stock |
|
|
Land |
|
|
Unearned Revenue |
|
|
Service Revenue |
|
|
Retained Earnings |
|
|
Insurance Expense |
|
|
Rent Expense |
|
|
Prepaid Rent |
|
|
Interest Revenue |
|
|
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