Accounting Oct. 12

increase on right, decrease on left

• liabilities

• cash

• assets

• owner's equity

debit side

• left

• right

credit side

• left

• right

assets

• increase on left, decrease on right

• decrease on left, increase on right

• increase on right, decrease on left

Check all that apply when it comes to sales

• sales are under assets

• sales increase on the right and decrease on the left

• sales decrease on the left and increase on the right

• sales are under owner's equity

Accounts receivable affects which category?

• assets

• owner's equity

• liabilities

The side of the account that is increased is called the...

What is the normal balance in "Assets" account?

• debit

• credit

What is the normal balance in the "Liabilities" account?

• debit

• credit

What is the normal balance in the "Owner's Capital" account?

• debit

• credit