Which of the following statements is correct?
A)The right side of a T-account is the debit side.
B)Entries that decrease asset and expense accounts, or increase liability, equity, and revenue accounts are posted as debits.
C)The left side of a T-account is the debit side.
D)The left side of a T-account is the credit side.
E)Entries that increase asset, expense, and revenue accounts are posted as debits.

Question

Quizplus · Accepted Answer

In a T-account, the left side is the debit side and the right side is the credit side. Therefore, option C is the correct statement. Options A and D are incorrect as they have the opposite information. Option B is incorrect as it is only partially correct - entries that increase liability, equity, and revenue accounts are posted as credits. Option E is incorrect as increasing asset, expense, and revenue accounts are posted as credits, not debits.

Which of the Following Statements Is Correct