Week 2 Appendix B - What increases the Asset account, a...

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Axia College Material Appendix B Debits and Credits Consider the information presented in PhxKlips™ Debits and Credits. Pay particular attention to the meaning of debits and credits and their effects on accounts. Then follow the instructions below. 1. Write a response to the following questions: In what two ways is the word debit defined in Debits and Credits? Debit is defined as adding of money or the left side of the T In what two ways is the word credit defined in Debits and Credits? Credit is defined as a liability or the right side of the T 2. Complete the following matrix. To do so, ask yourself questions, such as:
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Unformatted text preview: What increases the Asset account, a debit or a credit? What decreases the Asset account, a debit or a credit? What is the normal balance of the Asset account, a debit or a credit? Account Changes Account Categories What increases the account? What decreases the account? What is the normal balance? Assets Debit Credit Debit Liabilities Credit Debit Credit Equity Debit Credit Debit Revenue Debit Credit Debit Gains Debit Credit Debit Expenses Credit Debit Credit Losses Credit Debit Credit XACC 280...
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