"All debits are increases and all credits are decreases." Is this a correct statement? Explain your answer
What will be an ideal response
This is not a correct statement. The double entry-system of accounting is a system of accounting in which every transaction affects at least two accounts. As transactions are analyzed and recorded, the rules of debits and credits keep the accounting equation in balance. Assets, expenses and dividends are increased with a debit and decreased with a credit. Liabilities, revenues, and common stock are increased with a credit and decreased with a debit.
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On June 1, Edison, Inc. borrowed $24,000 on a one-year Note Payable with an interest rate of 10% per year. It will repay the principal and interest at the end of the one-year period. The company makes accrual adjustments at the end of each month
The company should record interest expense of $2,400 on June 30. Indicate whether the statement is true or false
The statistically determined sample size is the net or ________
A) incidence rate B) initial sample size C) completion rate D) final sample size