Which account would you debit and which account would you credit in order to increase total...
Which account would you debit and which account would you credit in order to increase total assets and increase owner's equity?
A. Cash and Capital
B. Computer Equipment and Drawing
C. Cash and Drawing
D. Computer Equipment and Capital
E. Computer Equipment and Cash
Homework Answers
Answer is A. Cash and Capital
Cash is debited when cash received by issue of common share hence total assets will increase and Capital account will credited as share issued and with this effect owner' equity will also increase as capital increase with this transaction.
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Which account would you debit and which account would you credit
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