Recording Transactions

Question 1

For assets, transactions on left side of the T-account _____

Answer 1

Increases

Question 2

For assets, transactions on the right side of the T-account _____

Answer 2

Decreases

Question 3

For liabilities, transactions on left side of the T-account _____

Answer 3

Decreases

Question 4

For liabilities, transactions on right side of the T-account _____

Answer 4

Increases

Question 5

For owner’s equity, transactions on left side of the T-account _____

Answer 5

Decreases

Question 6

For owner’s equity, transactions on right side of the T-account _____

Answer 6

Increases