The fact that each transaction has a dual affect on accounting elements provide the basics for what is called double entry accounting

Web Quiz Assignment Name: Heinta College Accounting "Web Qult", 21 Chapter 3 Start over Enter The fact that each transaction has a dual offect on the accounting elements provides the basis for what is called double-entry accounting 1. True False To debit an account is to enter an amount on the right side of the account. 2 True False 3 Acredit increases asset accounts True Falso Liability accounts normally have debit balances: 4. True False 5 The owner's capitai nocount normally has a credit balance Falso True Revenues increase owner's equity 5. True False 7 Prepaid Insurance is an expense account True False 1. The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called double-entry accounting, True False