Question

Which of the following accounts increase with debits? a. Cash b. Interest expense c. Interest revenue...

Which of the following accounts increase with debits?

a. Cash

b. Interest expense

c. Interest revenue

d. Accounts payable

e. Retained earnings

f. Sales

g. Cost of goods sold

Business   Accounting   
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Answer #1

Ans:

Debit to journal Entries increase the balances of assets and Expenses however same debits decrease the balance of Liabilities hence

Only Asset accounts and Expenses accounts debits increase the balances

a. Cash=Asset

b. Interest expense=Expense

c. Interest revenue=Revenue

d. Accounts payable=Liability

e. Retained earnings=Liability

f. Sales=Revenue

g. Cost of goods sold=Expenses


So The following accounts increase with debits

Cash, Interest Expense,Cost of Goods sold.

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