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Accounting elements

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The text describes the following accounting elements: assets, liabilities, owners' equity, capital stock, retained earnings, revenues, expenses, and dividends.

Which of these elements are increased by a debit entry, and which are increased by a credit entry?

Give a transaction for each item that would result in a net increase in its balance.

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The expert examines the accounting elements for assets, liabilities and owners' equity.

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Hi there,

Here are your answers:

Assets - debit
Transaction - you purchase inventory for your business. The entry would appear as follows:
Debit: Inventory
Credit Cash

Liabilities - credit
Transaction - you take out a student loan. The entry would appear as follows:
Debit: Cash
Credit: Student Loan

OE - credit
Transaction - you ...

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