Accounts on the left side of the accounting equation (assets) are increased with a(n) to the account, whereas accounts on the right side of the accounting equation are increased with a(n):_______.

Question

07-02-2020
Business

contestada

Accounts on the left side of the accounting equation (assets) are increased with a(n) to the account, whereas accounts on the right side of the accounting equation are increased with a(n):_______.

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andromache andromache · Answer 1 · 2020-02-07T06:03:52+01:00

Answer:

Debit and credit

Explanation:

While recording the transaction, the accounts are debited or credited based on the nature of the transaction

As we know that

The debit section reports assets and expenses side while the credit section reports sales revenue, stockholder equity, and the liability side.

So if the asset side or expense side is increased than it would be displayed on the left-hand side while the revenue is increased than it would be reflected on the right-hand side.