A debit is used to record an increase in all of the following accounts except: Multiple...

A debit is used to record an increase in all of the following accounts except: Multiple Choice Supplies Cash Accounts Payable Owner's Withdrawals Prepaid Insurance

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Expert Solution

A debit is used to record an increase in assets accounts, expenses accounts and owner's withdrawals accounts.

A debit is used to record an increase in all of the following accounts:

- Supplies

- Cash

- Owner's Withdrawals

- Prepaid Insurance

A credit is used to record an increase in liabilities accounts, owner's capital account and revenues account.

A credit is used to record an increase in Accounts payable.

A debit is used to record an increase in all of the following accounts except: Accounts Payable

Correct option is (iii)

ekkarill92 answered 1 year ago

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