Question

An account should have an account title, account number, a place for the date of transaction, and two columns for:_________a. Assets and liabilitesb. Closing and post-closingc. Revenues and expensesd. Debits ans credits

Answer 1

Debits and Credits

Step-by-step explanation:

An account should have an account title, account number, a place for the date of transaction, and two columns for: Debits and credits.

Debits depending on whether the account is an asset and expense account, will increase the amount and balance of the account while Credits for Assets and expense accounts will reduce the balance on the account. The opposite is applicable to liability and revenue accounts.

Every account according to the double entry principle must have a debit and a credit column.