Question: A decrease in a liability account is a: Debit entry to the asset account. Credit entry to the asset account. Debit entry to the liability

A decrease in a liability account is a:

Debit entry to the asset account.

Credit entry to the asset account.

Debit entry to the liability account.

Credit entry to the liability account.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

What is the proper way to record a decrease in an asset account and a decrease in a liability account? A. Asset, debit liability, credit B. Asset, credit liability, credit C. Asset, debit; liability,...

Q:

A decrease in an asset account is a: Debit entry to the asset account. O Credit entry to the asset account. Debit entry to the liability account Credit entry to the liability account

Q:

A debit may signify: an increase in a liability or an increase in a contra asset account a decrease in a liability account or an increase in a contra asset account an increase in an expense account...

Q:

FUTA taxes are paid: OA. by the end of the month following the end of the calendar quarter if the amount owed is more than $500. OB. by the end of January of the following year if the amount owed is...

Q:

What type of account is "discount on bonds payable?" Group of answer choices a current asset account with a credit balance a long term liability account with a debit balance a current asset account...

Q:

9) A characteristic of the account, Sales Discount, includes the following:A) debit balance.B) contra-revenue account.C) records the cash discounts granted to customers.D) All of these answers are...

Q:

3. In preparing its financial statements for the current year, a company's closing inventory was understated by $70000. What will be the effect of this error if it remains uncorrected? A) The current...

Q:

____ 1. The purchase of an asset on account will A) Increase total liabilities and decrease total assets. B) Have no effect on total assets or total liabilities. C) Increase total assets and increase...

Q:

Multiple Choice Questions 1. The purchase of an asset (like Equipment) on account will la increase total liabilities and decrease total assets. P. have no effect on total assets or total liabilities...

Q:

1. Which types of accounts are likely to be listed first in the chart of accounts of a small business? Revenues Expenses Assets Liabilities Owner's Equity dit) in the general journal, which account...

Q:

Determine the inductor current i(t) for both t 0 for each of the circuits in Fig. 7.119. (a) (b) 2 3 4 H 6

Q:

prentice plc is funded by: 10 million ordinary shares of 1 each nominal value; and 20 million 1 bonds offering a 10prentice plc is funded by: 10 million ordinary shares of 1 each nominal value; and...

Q:

When Nicholas Walker released the audit report of Imperial Corp., he did not anticipate that there would follow an announcement two days later that several days after year end his client's foreign...

Q:

AL Sneaker 2013 The business case team had compiled the following baseline information surrounding the Sneaker 2013 project: 1. The life of the Sneaker 2013 project was expected to be six years....

Q:

9-18 What are the sources of data for analytical CRM systems? Provide three examples of outputs from analytical CRM systems.

Q:

3. Can Pandora succeed with its freemium model? Why or why not? What people, organization, and technology factors affect its success with this business model? Pandora is the Internets most successful...

Q:

2. What managment, organization, and technology issues did Orbitz need to address in its mobile strategy? When it comes to mobile apps and gauging their impact on consumers and business, the online...