Indicate Whether a Debit or Credit Entry Would Be Required

question 23

Essay

Indicate whether a debit or credit entry would be required to record the following changes in each account.
a.To decrease Cash
b.To increase Common Stock
c.To decrease Accounts Payable.
d.To increase Salaries Expense.
e.To decrease Supplies.
f.To increase Revenue.
g.To decrease Accounts Receivable.
h.To increase Dividends.

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Definitions:

Agent's Acts

Refers to the actions performed by an individual (the agent) on behalf of another person or entity (the principal) with the principal's consent.

Voluntary Consent

Consent freely given without coercion, where the individual fully understands what they are agreeing to.

Consideration

In contract law, it's the value that is exchanged between parties in a contract, making the agreement legally binding.

Agency Relationships

A relationship in which one party (the agent) agrees to act for another party (the principal) in a business transaction.