Complete the following statements using either debit or credit: (a) The asset account Prepaid Insurance is increased

Question:

Complete the following statements using either “debit” or “credit”:

(a) The asset account Prepaid Insurance is increased with a _________.

(b) The owner’s drawing account is increased with a _________.

(d) The liability account Accounts Payable is decreased with a _________.

(e) The owner’s capital account is increased with a _________.

(f) The revenue account Professional Fees is increased with a _________.

(g) The expense account Repair Expense is increased with a _________.

(h) The asset account Cash is decreased with a _________.

(i) The asset account Delivery Equipment is decreased with a _________.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...