Question

In chemistry, a debit is used to increase which of the following accounts?

a) Assets
b) Liabilities
c) Expenses
d) None of the above

Answer 1

In accounting, a debit is used to increase assets.

Step-by-step explanation:

In accounting, a debit is used to increase assets.

Assets are anything of value that a company owns, such as cash, property, or equipment. When a company debits an asset account, it means that it is increasing the value of that asset, either by receiving more of it or by valuing it at a higher amount.

For example, if a company purchases a new piece of equipment for $10,000, it would debit the equipment account for $10,000, increasing the value of its total assets.