Asked by Desiree Jarvis on May 11, 2024
Verified
Debits must always exceed credits in a transaction or journal entry.
Debits
Accounting entries that increase assets or expense accounts, or decrease liability, equity, or revenue accounts.
Credits
Accounting entries that increase liabilities or equity accounts, or decrease asset accounts.
- Familiarize oneself with the foundational principles of double-entry accounting.
Verified Answer
JM
Jessica MitchellMay 15, 2024
Final Answer :
False
Explanation :
In accounting, debits and credits must always balance in a transaction or journal entry, meaning the total debits must equal the total credits.
Learning Objectives
- Familiarize oneself with the foundational principles of double-entry accounting.