Question

A credit entry A. increases asset and expense accounts, or decreases liability, equity, and revenue accounts...

A credit entry

A. increases asset and expense accounts, or decreases liability, equity, and revenue accounts

B. Is recorded on the left side of a T-account

C. Decreases asset and expense accounts, or increases liability, equity, and revenue account

D. Decreases asset, expense and revenue accounts.

E. Increases the withdrawals account

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Homework Answers

Answer #1

C. Decreases asset and expense accounts, or increases liability, equity, and revenue account

Explanation:

debit: an entry in the left hand column of an account to record a debt; debits increase asset and expense accounts and decrease liability, income, and equity accounts

credit: an entry in the right hand column of an account; credits increase liability, income/revenue, and equity accounts and decrease asset and expense accounts.

Therefore, the correct option is C.

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