Question

(vi)
If a transaction has the effect of decreasing an asset, is the decrease recorded as a
debit or as a credit? If the transaction has the affect of decreasing a liability, is the
decrease recorded as a debit or as a credit?
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Answer 1

Answer:

if a transaction has an affect of decrease in asset, it is recorded in the credit side whereas in decrease in liability is recorded in the debit side

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