2. Insert the missing information into the accounting equation. Signify increases as Incr. and decreases as…
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Question “2. Insert the missing information into the accounting equation. Signify increases as Incr. and decreases as…”
Answer
Answer:
A | Assets |
b | Equity |
c | Liabilities |
d | Dividends |
e | Incr. |
F | Incr. |
g | Decr. |
h | Incr. |
i | Incr. |
j | Decr. |
K | Decr. |
l | Incr. |
m | Decr. |
n | Credit |
O | Debit |
p | Debit |
q | Debit |
r | Debit |
Explanations:
Each account has a left side that is ‘Debit’ and a right side that is ‘Credit.
Accounts, Expenses, and Dividends increased by Debit’ and decreased Credit’.
Revenues, Liabilities and Retained earnings accounts were increased by Credit’ and decreased Debit’
Equation:
ASSETS | = | Liabilities | + | Equity | ||||||||||||
Contributed capital | + | Retained Earnings | ||||||||||||||
ASSETS | = | Liabilities | + | Common stock | – | Dividends | + | Revenues | – | Expenses | ||||||
Increase | Diminution | Diminution | Increase | Diminution | Steigerung | Increase | Diminution | Diminution | Increase | Increase | Diminution | |||||
Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
Conclusion
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