Asked by Adecel Rusty on May 05, 2024
Verified
The Accounts Receivable account is increased by a credit.
Accounts Receivable
Money owed to a business by its customers from the sale of goods or services on credit.
Credit
A financial arrangement where a borrower receives something of value with the agreement to repay it later, often including interest.
- Determine the standard balances, whether debit or credit, for different accounts.
Verified Answer
LM
Lutherann MassainteMay 07, 2024
Final Answer :
False
Explanation :
The Accounts Receivable account is increased by a debit because it is an asset account, and asset accounts increase with debits and decrease with credits.
Learning Objectives
- Determine the standard balances, whether debit or credit, for different accounts.