Which of the following accounts is increased with a debit entry?Question 20Answera.Revenueb.Accounts Payablec.Accounts Receivabled.Share Capital
Question
Which of the following accounts is increased with a debit entry?Question 20Answera.Revenueb.Accounts Payablec.Accounts Receivabled.Share Capital
Solution
The account that is increased with a debit entry is c. Accounts Receivable.
Here's why:
In accounting, the basic principle is that every transaction has a debit and a credit. The way these debits and credits affect different accounts, however, depends on the type of account.
a. Revenue: This is an income account and it increases with a credit entry, not a debit.
b. Accounts Payable: This is a liability account and it also increases with a credit
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