Question

Identify whether a debit or credit results in the indicated change for each of the following accounts.

a. To increase Land f. To decrease Prepaid Rent

b. To decrease Cash g. To increase Notes Payable

c. To increase Fees Earned (Revenues) h. To decrease Accounts

Receivable

d. To increase Office Expense i. To increase Common Stock

e. To decrease Unearned Revenue j. To increase Store Equipment

Short answer

Answer

Total of four transactions has been debited and six transactions have been credited.

Step-by-step solution

Debit and Credit

Debit and credit are the two sides of the account on the left and right sides respectively. Debit and credit do not necessarily represent the increase or decrease. The debit and credit are being used for increase or decrease based on the nature o the accounts.

Generally, all expenses, assets, and withdrawals are debited. Whereas, all incomes, liabilities, and capital are credited for every increase.

Transaction list or debit credit

S. No.	Transaction	Debit or Credit
a.	To Increase land	Debit
b.	To decrease cash	Credit
c.	To increase fees earned (revenues)	Credit
d.	To increase office expense	Debit
e.	To decrease unearned revenue	Debit
f.	To decrease prepaid rent	Credit
g.	To increase notes payable	Credit
h.	To decrease accounts receivables	Credit
i.	To increase common stock	Credit
j.	To increase store equipment	Debit