Journal Entries: Debits and Credits Video Lessons

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Problem: For each account listed below, determine if the account is increased by a debit or a  credit. 1. Cost of goods sold is an expense account and thus is increased with a _______________. 2. Patent is an asset account and thus is increased with a  _______________. 3. Interest payable is a liability account and thus is increased with a  _______________. 4. Retained earnings is an equity account and thus is increased with a  _______________. 5. Interest revenue is a revenue account and thus is increased with a  _______________.

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Problem Details

For each account listed below, determine if the account is increased by a debit or a  credit.

1. Cost of goods sold is an expense account and thus is increased with a _______________.

2. Patent is an asset account and thus is increased with a  _______________.

3. Interest payable is a liability account and thus is increased with a  _______________.

4. Retained earnings is an equity account and thus is increased with a  _______________.

5. Interest revenue is a revenue account and thus is increased with a  _______________.

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