In: Accounting
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
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)