Question

Jake, Mollie, and Neil, three accounting students are discussing the rules of debits and credits. Jake says that debits increase account balances and credits decrease account balances. Mollie says that Jake is wrong, that credits increase account balances and debits decrease account balances. Neil interrupts and declares that they are both correct.
Required
Explain what Neil means and give examples of transactions where debits increase account balances, credits decrease account balances, credits increase account balances, and debits decrease account balances.


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  • CreatedApril 20, 2015
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