Consider the Rules for Increasing and Decreasing the Various Types

question 7

Essay

Consider the rules for increasing and decreasing the various types of accounts,as listed below. $\begin{array}{c}\begin{array}{lll} \underline{\text {Type of Account}}\\ \text {Asset}\\ \text {Liability}\\ \text {Owner's equity}\\ \text {Revenue}\\ \text {Expense}\\ \text {Dividends}\end{array}\begin{array}{c}\underline{\text { Debit }}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\end{array}\begin{array}{c}\underline{\text { Credit }}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\underline{\quad\quad\quad\quad}\\\end{array}\end{array}$

Required:
Indicate increase or decrease following the debit and credit rules for the type of account.

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Definitions:

Federal Water Pollution Control Act

A key piece of environmental legislation in the United States aimed at reducing and regulating water pollution.

Clean Water Act

A federal law in the United States aimed at reducing pollution and protecting the quality of the nation's waters, including lakes, rivers, and coastal areas.

Criminal Penalties

Sanctions or punishments imposed by a court following a conviction in a criminal case, which can include fines, imprisonment, or other forms of punishment.

EPA's Clean Air Act

A U.S. federal law aimed at controlling air pollution on a national level, administered by the Environmental Protection Agency (EPA).