Asked by
Javokhirbek Erkinov
on Nov 18, 2024Verified
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.
Verified Answer
JM
Learning Objectives
- Recognize the properties and usual balances of various account types including assets, liabilities, equity, revenue, and expenses.