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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 48
Which of the following statements would be considered true regarding debits and credits
A) In any given transaction, the total dollar amount of the debits and the total dollar amount of the credits must be equal.
B) Debits decrease certain accounts and credits decrease certain accounts.
C) Liabilities and stockholders' equity accounts usually end in credit balances, while assets usually end in debit balances.
D) All of the above.
A) In any given transaction, the total dollar amount of the debits and the total dollar amount of the credits must be equal.
B) Debits decrease certain accounts and credits decrease certain accounts.
C) Liabilities and stockholders' equity accounts usually end in credit balances, while assets usually end in debit balances.
D) All of the above.
Explanation
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Verified
Debit and credit entries are part of dou...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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