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.© BrainMass Inc. brainmass.com June 3, 2020, 7:06 pm ad1c9bdddf
Here are your answers:
Assets - debit
Transaction - you purchase inventory for your business. The entry would appear as follows:
Liabilities - credit
Transaction - you take out a student loan. The entry would appear as follows:
Credit: Student Loan
OE - credit
Transaction - you ...
The expert examines the accounting elements for assets, liabilities and owners' equity.