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26 October, 20:22

Consider the following accounts:

Dividends

Insurance Expense

Cash

Service Revenue

How many of these accounts are increased with credits?

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Answers (1)
  1. 26 October, 21:29
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    Only 1

    Service Revenue

    Explanation:

    Dividends are debited against net income after taxes, and increase only if credited. As the dividends are recorded as liability till they are not paid in account dividend payable, but individually dividend account has debit balance.

    Insurance Expense, as said all expenses are debited.

    Will only increase when it will be debited.

    Cash account displays an asset, and all assets have debit balance and therefore, it will increase with debit only and not with credit.

    Service Revenue is an income and incomes are credited, therefore, it will increase with every credit.
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