Identify the effect of the account titles in the following transaction choose from the word inside the parenthesis. Support your answer. 1. If assets are recorded on the debit it (increases or decreases)? Why? 2. If liabilities are recorded on the debit side, (increases or decreases)? Why? 3. What happen to capital if there is an income? (increases, decreases)? Why? 4. What happen to capital if there is an expense? (increases, decreases)? Why? 5. If there is an owners' drawing, it is (deducted or added) to capitai? Why?
Identify the effect of the account titles in the following transaction choose from the word inside the parenthesis. Support your answer. 1. If assets are recorded on the debit it (increases or decreases)? Why? 2. If liabilities are recorded on the debit side, (increases or decreases)? Why? 3. What happen to capital if there is an income? (increases, decreases)? Why? 4. What happen to capital if there is an expense? (increases, decreases)? Why? 5. If there is an owners' drawing, it is (deducted or added) to capitai? Why?
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...
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