For Each of the Following Accounts,indicate Whether We Use a Debit

question 64

Essay

For each of the following accounts,indicate whether we use a debit or a credit to decrease the balance of the account.
(a)Accounts Receivable
(b)Accounts Payable
(c)Salaries Expense
(d)Service Revenue
(e)Supplies
(f)Common Stock
(g)Advertising Expense
(h)Dividends

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Definitions:

Hydrolysis Reaction

Splitting of a chemical bond by the addition of water, with the H+ going to one molecule and the OH− going to the other.

Cholesterol

A waxy, fat-like substance found in all cells of the body, important for making hormones, vitamin D, and substances that help digest foods.

Steroids

A class of lipid molecules that includes hormones, vitamins, and cholesterol, which serve various functions in organisms.

Phospholipids

A class of lipids that are a major component of all cell membranes, containing two fatty acids, a phosphate group, and a glycerol molecule.