Describe the recording process

Assignment Help Accounting Basics

Reference no: EM132452989

PLEASE ANSWER THE FOLLOWING IN 150 WORDS MINIMUM.

Question 1. What are debits and credits? How are they used in Accounting?

Question 2. What side of the transaction are credits? For the following types of accounts, please discuss if credits increase or decrease them:

Assets
Liabilities
Stockholders' equity
Revenue
Expenses

Question 3. Please describe the recording process.

Reference no: EM132452989

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