If an asset account is increased with a debit, what is the logic for increasing a liability
Question:
If an asset account is increased with a debit, what is the logic for increasing a liability account with a credit?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Assets and liabilities appear on different sides of the accounting equation and are therefore op...View the full answer
Answered By
Niala Orodi
I am a competent and an experienced writer with impeccable research and analytical skills. I am capable of producing quality content promptly. My core specialty includes health and medical sciences, but I can competently handle a vast majority of disciplines.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Question Posted:
Students also viewed these Accounting questions
-
If Cash is increased with a debit, why does the bank credit your account when you make a deposit?
-
What is the logic for the presumption that a limited interest in a business partnership is a passive activity?
-
Describe the HLC/Occupational Category matrix. What is the logic for this matrix?
-
Bonita Company's income statement contained the following condensed information. BONITA COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding...
-
The following is information for Gottlieb Corp. for the year ended December 31, 2017: The effective tax rate is 25% on all items. Gottlieb prepares financial statements in accordance with IFRS. The...
-
Balance the redox reaction equation (occurring in acidic solution) and choose the correct coefficients for each reactant and product. _VO+ (aq) + _Sn(s) + _H+ (aq) a) 2,1,4 c) 2,1,2 2,1,2 2,1,1 _VO+...
-
Consider the flow past a flat plate. Here we examine the effect of a superimposed velocity \(v_{y 0}\) at the plate surface. This can be done by the integral method with only minor changes in the...
-
During the current year, Garrison Construction ttaded in two relatively new small cranes (cranes no. 6RTand S79) for a larger crane that Garrison expects will be more useful for the particular...
-
How do servant leaders prioritize the well-being and development of their team members, fostering a supportive environment that encourages autonomy, mastery, and purposeful engagement ?
-
The following transactions pertain to the operations of Ewing Company for Year 2: 1. Acquired $30,000 cash from the issue of common stock. 2. Provided $65,000 of services on account. 3. Paid $22,000...
-
Stockholders equity represents the claim of the owners on the assets of the business. What is the distinction relative to the owners claim between the Capital Stock account and the Retained Earnings...
-
A friend comes to you with the following plight: Im confused. An asset is something positive, and it is increased with a debit. However, an expense is something negative, and it is also increased...
-
Describe the terms autocratic capitalism and democratic capitalism and discuss the model followed by the U.S.
-
Write a chat server and client program. The chat server accepts connections from clients. Whenever one of the clients sends a chat message, it is displayed for all other clients to see. Use a...
-
Design a set of database tables to store library books and patrons. A book has an ISBN (International Standard Book Number), an author, and a title. The library may have multiple copies of each book,...
-
Implement a client-server program in which the client will print the date and time given by the server. Two classes should be implemented: DateClient and DateServer. The DateServer simply prints new...
-
Try out the HEAD command of the HTTP protocol. What command did you use? What response did you get?
-
Design a DTD that describes a library patron who has checked out a set of books. Each book has an ID number, an author, and a title. The patron has a name and telephone number.
-
The shareholder equity accounts for Hexagon International are shown here: (a) If Hexagon shares currently sell for 25 per share and a 10 per cent stock dividend is declared, how many new shares will...
-
MgO prevents premature evaporation of Al in a furnace by maintaining the aluminum as Al2O3. Another type of matrix modifier prevents loss of signal from the atom X that readily forms the molecular...
-
To what extent is leadership simply a means of expressing management in a way that employees would find more acceptable and therefore work harder?
-
Olson Corp. reported the following in the Current Assets section of its December 31, 2017, balance sheet: _____________________________________ 12/31/17 _______________ 12/31/16 Accounts receivable,...
-
The financial statements included in the 2015 Form 10-K of Nike reported the following amounts (in millions of dollars): Revenues, for the year ended May 31, 2015 .................... $30,601...
-
On September 1, 2017, Dougherty Corp. accepted a six-month, 7%, $45,000 interest-bearing note from Rozelle Company in payment of an account receivable. Dougherty's year-end is December 31. Rozelle...
-
www The sugar cane industry is a big industry on Hawaii. Raw sugar cane is first cut from the fields, then chopped and shredded. The raw cane contains 15 wt% sucrose, 25 wt% solids, and water, along...
-
Keri, in forming a new corporation, transfers land to the corporation in exchange for 100 percent of the stock of the corporation. Keri's basis in the land is $295,000, and the corporation assumes a...
-
What does a manager who subscribes to Theory X believes ? Explain thoroughly.
Study smarter with the SolutionInn App