For Each Item Below,indicate Whether a Debit or a Credit

question 56

Essay

For each item below,indicate whether a debit or a credit applies.
a. Decrease in Accounts Payable
b. Decrease in Land
c. Increase in Retained Earnings
d. Increase in Unearned Revenue
e. Decrease in Interest Payable
f. Increase in Prepaid Insurance
g. Increase in Wages Expense
h. Decrease in Art Supplies
i. Increase in Advertising Fees Earned

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Definitions:

Quotas

Limits set by governments on the quantity of goods that can be imported or exported over a certain period.

GATT

The General Agreement on Tariffs and Trade, an international treaty designed to reduce tariffs and other barriers to trade between member countries.

International Agreement

A formal accord between two or more countries that outlines specific commitments each nation agrees to fulfill, often related to trade, defense, or cultural exchanges.

Liberalization

The process of reducing restrictions on economies, typically by removing trade barriers and deregulating capital markets.