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Earn +20 ptsQ: Are expense accounts increased by credits?
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Continue Learning about Accounting
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
Asset accounts are increased by debits?
Yes. And Liabilties are increased by credits.
Are revenue accounts increased by credits?
Revenue accounts have credit balance as a normal balance so credit is the way to increase the revenue account.
What are the 2 type of quickbooks account?
The 2 types of QuickBooks accounts are "Balance Sheet" accounts and "Income and Expense" accounts. Balance sheet accounts can be used to create and add to chart of accounts. Income and expense accounts track income sources and the purpose of each expense.
Different names for bad debt expense?
Uncollectible Accounts Expense.
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