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For each item below, indicate whether a debit or credit applies. 1. Increase in Accounts Payable...

For each item below, indicate whether a debit or credit applies. 1. Increase in Accounts Payable 2. Increase in Accounts Receivable 3. Increase in Retained Earnings 4. Decrease in Unearned Service Revenue 5. Decrease in Interest Payable

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Answer #1
Ans. Liabilities have credit balance and the assets have debit.
If the liabilities increased that are credited and if the liabilities are decreased that are debited.
If the assets increased that are debited and if the assets are decreased that are credited.
1. Increase in Accounts payables Credit
2. Increase in Accounts receivables Debit
3. Increase in Retained earnings Credit
4. Decrease in Unearned Service revenue (liability) Debit
5. Decrease in Interest payable Debit
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