1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit side. 2. A balanced trial balance means that the recording is free from errors. 3. A simple entry has only one debit and credit while a compound entry has two or more debits and credits. 4. Tangible assets have values but intangible assets have no values. OD 1 3
1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit side. 2. A balanced trial balance means that the recording is free from errors. 3. A simple entry has only one debit and credit while a compound entry has two or more debits and credits. 4. Tangible assets have values but intangible assets have no values. OD 1 3
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 3QY
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