The following table summarizes the rules of debit and credit. For each of the items (a) through (, indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset (a) (b) (c) Liability (d) Debit (e) Owner's equity: |(f) Credit Сapital Drawing Credit (g) (h) (i) Income statement accounts: Revenue (j) (k) Credit Expense (1) Credit Debit

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
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Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 4E: Rules of debit and credit The following table summarizes the rules of debit and credit. For each of...
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The following table summarizes the rules of debit and credit. For each of the items (a)
through (, indicate whether the proper answer is a debit or a credit.
Increase Decrease Normal Balance
Balance sheet accounts:
Asset
(a)
(b)
(c)
Liability
(d)
Debit
(e)
Owner's equity:
|(f)
Credit
Сapital
Drawing
Credit
(g)
(h)
(i)
Income statement accounts:
Revenue
(j)
(k)
Credit
Expense
(1)
Credit
Debit
Transcribed Image Text:The following table summarizes the rules of debit and credit. For each of the items (a) through (, indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset (a) (b) (c) Liability (d) Debit (e) Owner's equity: |(f) Credit Сapital Drawing Credit (g) (h) (i) Income statement accounts: Revenue (j) (k) Credit Expense (1) Credit Debit
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