Debits increase assets and increase liabilities. Credits decrease assets and increase liabilities. Debits decrease liabilities and decrease assets Multiple Choice Question 95
The final step in the recording process is to transfer the journal information to the
trial balance. financial statements. ledger. file cabinets. Multiple Choice Question 88 The usual sequence of steps in the transaction recording process is: analyze→ journal → ledger. journal→ ledger → analyze. ledger→ journal → analyze. journal→ analyze → ledger. Multiple Choice Question 50
Which one of the following represents the expanded basic accounting equation?
+ Common Stock + Retained Earnings + Dividends – Revenue – Expenses.