For each account listed below, determine if the account is decreased by a debit or a credit. Select your answer by clicking in the drop down box to the right of each account
common stock
[ Choose ] debit credit
interest revenue
[ Choose ] debit credit
accounts payable
[ Choose ] debit credit
patent
[ Choose ] debit credit
loss on sale of land
[ Choose ] debit credit
common stock: Debit
(Because it is owners capital and have credit balance. It would decrease on sale/ buyback by debiting stock a/c)
Interest Revenue: Debit
(Revenue being of income nature is credited. To decrease the account, it will be debit)
A/c Payable: Debit
(They are liabilities for enterprise. It will decrease on payment and are debited)
Patent: Credit
(It is asset for company. It will decrease by credit)
Loss on sale of land: Credit
(Loss on sale is expense for company. To reduce such account should be credited)
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