Which of the following accounts are debited to record increase in balances?
A) assets and liabilities
B) dividends and liabilities
C) expenses and liabilities
D) assets and expenses

Question

Quizplus · Accepted Answer

Assets and expenses are debited to record increase in balances. An increase in assets is recorded as a debit because it indicates an increase in the resources of the company, while an increase in expenses is also recorded as a debit because it indicates a decrease in the company's net income. Liabilities, dividends, and expenses are credited to record an increase in balances.

Which of the Following Accounts Are Debited to Record Increase