Incurring an expense is increased with a debit because: O a) they are always paid...

70.2K

Verified Solution

Question

Accounting

image

Incurring an expense is increased with a debit because: O a) they are always paid by cash, which is credited. Thus expenses are debited. Ob) they decrease retained earnings which has a normal credit balance, so a decrease is recorded with a debit. O c) they have the same rules of debits and credits as the retained earnings account. d) they increase retained earnings which has a normal debit balance, so a decrease is recorded with a debit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students