T Accounts Debits vs Credits

If a Litability increases, which side will be impacted?

• Debit

• Credit

If an Asset increases, which side is impacted?

• Debit

• Credit

If owners equity decreases, which side is impacted?

• Debit

• Credit

If an Asset decreases, which side will be impacted?

• Debit

• Credit

If a Liability decreases, which side will be impacted?

• Debit

• Credit

If owners Equity increases, which side will be impacted?

• Debits

• Credits

Select the impacted accounts. Mr. Schwan's business recieves supplies but has not paid for them yet.

• Asset Debit

• Asset credit

• Liability debit

• Liability Credit

• Owners Equity Credit

Select the impacted accounts. Mr. Schwan's business sells a vehicle for cash

• Asset debit

• Asset credit

• Liability debit

• Liability credit

• Owners Equity credit

Select the impacted accounts. Mr. Schwan's business pays part of the mortgage with cash

• Asset debit

• Asset credit

• Liability debit

• Liability credit

• Owners Equity credit

Select the impacted accounts. Mr. Schwan's business sells its goods for a profit

• Asset debit

• Asset credit

• Liability debit

• Liability credit

• Owners Equity credit