0
Add your answer:
Earn +20 pts
Will a credit entry to an account increase the balance of a revenue account?
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
Is accounts receivable increased or decreased by a credit?
decreased
What is the journal entry of credit purchase?
[Debit] Purchases account [Credit] Accounts Payable
Are purchases made on account liabilities?
Yes.Most purchases are on credit and are therefore current liabilities
Is purchasesaccount debit or credit?
Purchases account is personal account in nature and basic rule for personal account is debt what comes in and credit what goes out so purchases is a debit balance as a default balance.
Will a credit entry to an account increase the balance of a revenue account?
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
Is accounts receivable increased or decreased by a credit?
decreased
What is the journal entry of credit purchase?
[Debit] Purchases account [Credit] Accounts Payable
Are purchases made on account liabilities?
Yes.Most purchases are on credit and are therefore current liabilities
Is purchasesaccount debit or credit?
Purchases account is personal account in nature and basic rule for personal account is debt what comes in and credit what goes out so purchases is a debit balance as a default balance.
What is the journl entry for puchasing goods on account?
[Debit] Purchases [Credit] Accounts payable
What do you debit and credit for purchase returns?
Debit the supplier Credit the Purchases Returns account
How do you increase a liability?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
Is purchases a credit or debit?
Purchases are personal account nature and as a basic accounting rule debit what comes in and credit what goes out so purchases has debit balance as normal balance.
Is an expense account increased with a credit?
no....
What credit means that an account has been increased?
Any credit is an increase to an account. A debit is a decrease to the account.
What is the difference between a purchase on account and a sale on account?
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
