Question

5. Furniture account and Cash account, Asset increases Asset decreases
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Answer 1

Answer:

A business makes a debit entry or a credit entry to an account in its accounting journal to change its balance. Debits and credits can either increase or decrease an account, depending on the type of account. A debit entry increases an asset account, while a credit entry decreases an asset account.

Step-by-step explanation:

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Answer 2

ANSWER

. Purohase of furniture for cash-Increase in furniture and decrease in cash. <br> 2. Parchase of furniture on credit-Increase in furniture and increase in liability. <br> 3. Capital introduced by proprietor-Increase in cash and increase in capital. <br> 4. Payment to creditors-Decrease in cash and decrease in creditors. <br> 5. Cash withdrawn by proprietor-Decrease in cash and decrease in capital. <br> 6. Conversion of partner's loan into capital-Increase in capital and decrease in loan <br> 7 Bills Payable accepted-Increase in bills payable and decrease in creditors. <br> 8. Outstanding expenses provided-Increase in creditors for outstanding expenses and decrease in capital.

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