2. State the rules of debit and credit as applied to (a) asset accounts, (b) liability...
2. State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts and (c) the stockholders’ equity accounts (revenue, expenses, dividends, common stock and retained earnings).
Homework Answers
| Answer | ||||||
| RULES OF DEBIT AND CREDIT | ||||||
| A) | Asset account | |||||
| Debit when increases and Credit when decreases | ||||||
| B) | Liability account | |||||
| Credit when increases and Debit when decreases | ||||||
| C) | Stock holders equity | |||||
| 1) | Revenues | |||||
| Credit when increases and Debit when decreases | ||||||
| 2) | Expenses | |||||
| Debit when increases and Credit when decreases | ||||||
| 3) | Dividends | |||||
| Debit when increases and Credit when decreases | ||||||
| 4) | Common stock | |||||
| Credit when increases and Debit when decreases | ||||||
| 5) | Retained earnings | |||||
| Credit when increases and Debit when decreases | ||||||
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