Cash is debited when the business makes a payment for utilities. 69) Debits must always e
Cash is debited when the business makes a payment for utilities.
69) Debits must always equal credits.
70) The debit side of all accounts increases the balance and the credit side decreases all accounts.
71) The debit side is always the right side of the account.
72) A transaction that involves more than one credit or more than one debit is called a compound entry.
73) The side of an account that increases the balance is always the same as the normal balance side.
74) Double-entry accounting requires transactions to affect two or more accounts, and the total of the debits and credits must equal.
75) The credit side is always the right side of the account.
76) A T account is used for demonstration purposes.
77) At least two accounts are affected in every transaction.