The rules of debit and credit may be summarized as follows: A. Accounts on the left side

Question:

The rules of debit and credit may be summarized as follows:
A. Accounts on the left side of the are increased by debits, whereas, accounts on the right side of the are increased by credits.
B. The balance of a ledger account is increased by debit entries and is decreased by credit entries.
C. Accounts on the left side of the are increased by credits, whereas accounts on the right side of the are increased by debits.
D. The balance of a ledger account is increased by credit entries and is decreased by debit entries
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...