In Which of the Following Types of Accounts Are Decreases

question 66

Multiple Choice

In which of the following types of accounts are decreases recorded by debits?

• A) assets
• B) liabilities
• C) expenses
• D) drawing

Compute discount dates and due dates in cash discount scenarios.

Calculate the amount of discount and remittance for early payments.

Analyze partial payment scenarios and determine the amount credited to customer accounts.

Apply knowledge of terms of sale to compute discounts and remittances.