Under a double-entry accounting system, show how the entry for each transaction listed is entered in the ledger by choosing debit or credit to indicate the increase or decrease in the effected account.
-A decrease in Store equipment.
A) Debit
B) Credit

Question

Quizplus · Accepted Answer

A decrease in an asset account, such as Store Equipment, is recorded as a credit in a double-entry accounting system.

Under a Double-Entry Accounting System, Show How the Entry for Each