Asked by
Melanie Gomez
on Oct 16, 2024
Verified
Asset accounts are decreased by debits.
Asset Accounts
Accounts on a company's balance sheet that represent the resources owned by the company which have economic value and can provide future benefits.
Debits
Entries on the left side of an accounting ledger, representing increases in assets or expenses and decreases in liabilities or equity.
- Gain insight into the common equilibrium and the procedure for enhancing or minimizing distinct classes of accounts, encompassing assets, liabilities, equity, revenue, and expenses.
Verified Answer
NP
Learning Objectives
- Gain insight into the common equilibrium and the procedure for enhancing or minimizing distinct classes of accounts, encompassing assets, liabilities, equity, revenue, and expenses.