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

question 35

Essay

For each of the following accounts,indicate whether we use a debit or a credit to increase 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:

Fiscal Year

A twelve-month period used for accounting purposes and preparing financial statements, which may not align with the calendar year.

Accounting Period

An accounting period is a specific duration of time used to measure and report financial activity, such as monthly, quarterly, or annually.

Recording Revenues

The process of documenting income received by a business from its various activities, such as sales or services, in its financial records.

Current-Period Income

Current-period income refers to the net income earned by a company during the current accounting period, indicating its profitability.