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Rules of debit and credit The following table summarizes the rules of debit and credit. For each of the items A through L, indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset A B Debit Liability C Debit D Stockholders’ equity: Common Stock Credit E F Retained Earnings G H Credit Dividends Debit Credit 1 Income statement accounts: Revenue J K Credit Expense L Credit Debit

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Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535
BuyFind

Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535

Solutions

Chapter
Section
Chapter 2, Problem 2.4EX
Textbook Problem

Rules of debit and credit

The following table summarizes the rules of debit and credit. For each of the items A through L, indicate whether the proper answer is a debit or a credit.

Increase Decrease Normal Balance
Balance sheet accounts:
Asset A B Debit
Liability C Debit D
Stockholders’ equity:
Common Stock Credit E F
Retained Earnings G H Credit
Dividends Debit Credit 1
Income statement accounts:
Revenue J K Credit
Expense L Credit Debit

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Chapter 2 Solutions

Corporate Financial Accounting
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