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Javokhirbek Erkinov
on Nov 18, 2024

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Liabilities are increased with debits and decreased with credits.

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of assets, provision of services, or other means.

Debits

Accounting entries that result in an increase in assets or expenses and a decrease in liabilities, equity, or income.

Credits

In accounting, credits are entries that decrease assets or increase liabilities and equity on a company's balance sheet.

  • Recognize the properties and usual balances of various account types including assets, liabilities, equity, revenue, and expenses.
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JM
Jasmine MartinezNov 23, 2024
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