Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 3 - The Accounting Information System - Questions: 9

Answer

The Debit / Credit rules as applied to Assets, Liabilities and Common stock account are as under.

Work Step by Step

Assets: Debit for increase - Credit for decrease; Liabilities: Debit for decrease - Credit for increase; Common stock account: Debit for decrease - Credit for increase.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.