Asked by
Lucero Crusoe
on Dec 16, 2024Verified
Which pair of accounts follows the rules of debit and credit in the same manner?
A) Accounts Payable and Rent Expense
B) Repair and Maintenance Expense and Bank Loan Payable
C) Prepaid Insurance and Advertising Expense
D) Service Revenue and Accounts Receivable
Accounts Payable
Liabilities of a business that are owed to creditors for goods and services purchased on credit but not yet paid.
Rent Expense
An expense incurred by a company for the use of a property or equipment.
Repair and Maintenance
Expenses incurred to keep an asset in working condition or to restore it to its desired condition, which do not extend the asset's useful life significantly.
- Recognize the rules for debit and credit in accounting.
Verified Answer
AS
Learning Objectives
- Recognize the rules for debit and credit in accounting.