Debits and credits
Indicate whether a debit will increase (I) or decrease (D) each of the following accounts listed in items 1 through 16:
Increase (I) or Decrease (D) | Account |
1. _____ | Inventory |
2. _____ | Depreciation expense |
3. _____ | Accounts payable |
4. _____ | Prepaid rent |
5. _____ | Sales revenue |
6. _____ | Common stock |
7. _____ | Wages payable |
8. _____ | Cost of goods sold |
9. _____ | Utility expense |
10. _____ | Equipment |
11. _____ | Accounts receivable |
12. _____ | Allowance for uncollectible accounts |
13. _____ | Bad debt expense |
14. _____ | Interest expense |
15. _____ | Interest revenue |
16. _____ | Gain on sale of equipment |
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