Chapter 6, Problem 3.2C

Which of the accounts listed below would be classified as asset accounts? Group of answer choices Accounts Receivable, Transportation Equipment, Prepaid expenses Service Revenue, Rent Expense, Dividends Accounts Payable, Service Revenue, Notes Payable Land, Capital Stock, Retained Earnings

When an asset is purchased on account, the credit side of the entry is to a liability account an equity account a revenue account an asset account

An increase in an asset account is a:  A. Debit entry to the asset account B. Credit entry to the asset account  C. Debit entry to the liability account D. Credit entry to the liability account