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Consider the Rules for Increasing and Decreasing the Various Types

Question 7

Essay

Consider the rules for increasing and decreasing the various types of accounts,as listed below. Type of AccountAssetLiabilityOwner’s equityRevenueExpenseDividends Debit  Credit \begin{array}{c}\begin{array}{lll} \underline{\text {Type of Account}}\\ \text {Asset}\\ \text {Liability}\\ \text {Owner's equity}\\ \text {Revenue}\\ \text {Expense}\\ \text {Dividends}\end{array}\begin{array}{c}\underline{\text { Debit }}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\end{array}\begin{array}{c}\underline{\text { Credit }}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\end{array}\end{array}

Required:
Indicate increase or decrease following the debit and credit rules for the type of account.

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