Asked Nov 29, 2019

Do the terms debit and credit signify increase or decrease, or can they signify either? Explain.


Expert Answer

Step 1

Debit: A debit, in an accounting term refers to the left side of an account. The term debit can be denoted by (Dr). The amounts which are recorded on the left side of the account are known as debiting.


Credit: A credit, in an accounting term r...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in




Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: Explain the estimation of profits up to the date of the death on the basis of time period involved.

A: To compute the deceased partner’s share in estimated profits on the basis of time period involved is...


Q: What is referred by unearned income? How is it adjusted in the final accounts?

A: Unearned income:Unearned income is known as deferred income or deferred revenue. It is the money rec...


Q: a. Determine the total number of RVUs expected per day for the coming week . b. Determine the total ...

A: a. Calculation of total number of RVU’s expected per day:


Q: What is hidden goodwill? How is it adjusted on the admission of a partner?

A: Hidden Goodwill means the value of goodwill that is not specified at the time of admission of a part...


Q: Explain the straight-line method of depreciation with an example?

A: Click to see the answer


Q: Exoplex Industries Inc. is a diversified aerospace company, including two operating divisions, Semic...

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you w...


Q: Question 5 Catherine’s Cookies has a beginning balance in the Accounts Receivable control total acc...

A: Accounts receivable: It refers to the amounts to be received within a short period from customer upo...


Q: Wellington Corp. has outstanding accounts receivable totaling $1.27 million as of December 31 and sa...

A: Allowance for Doubtful Accounts:This is a contra asset account to the Accounts Receivables account t...


Q: Ross’s Lipstick Company’s long-term debt agreements make certain demands on the business. For exampl...

A: Reclassifying of investment means changing the class of investments. The investment is changed from ...