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Which of the following statements is true?

A debit records an increase in liabilities.
B. A debit records an decrease in assets.
C. A credit records an increase in liabilities.
D. A credit records an decrease in capital.

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A trial balance is made up of a list of debit balances and credit balances. Which of the following statements is correct?

A. Every debit balance represents an expense.
B. Assets are represented by debit balances.
C. Liabilities are represented by debit balances.
D. Revenue is included in the list of debit balances.

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At the beginning of the year, the assets of Sunny Company are $300 000 and its owners' equity is$100 000. During the year, assets increase$80 000 and liabilities increase$50 000. What is the owners' equity at the end of the year?

A. $200 000
B. $30 000
C. $130 000
D. $170 000

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At the beginning of the year, Sunny Company' s liabilities equal$70 000. During the year, assets increase by$60 000, and at year-end assets equal$190 000. Liabilities decrease$50 000 during the year. What are the beginning and ending amounts of equity respectively?

A. 200 000 ; 170 000
B. 60 000 ; 20 000
C. 130 000 ; 170 000
D. 60 000 ; 170 000

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Match each term with its definition by choosing the appropriate letter.

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Which of the following statements is true?

A debit records an increase in liabilities. B. A debit records an decrease in assets. C. A credit records an increase in liabilities. D. A credit records an decrease in capital.

A trial balance is made up of a list of debit balances and credit balances. Which of the following statements is correct?

At the beginning of the year, the assets of Sunny Company are $300 000 and its owners' equity is$100 000. During the year, assets increase$80 000 and liabilities increase$50 000. What is the owners' equity at the end of the year?

At the beginning of the year, Sunny Company' s liabilities equal$70 000. During the year, assets increase by$60 000, and at year-end assets equal$190 000. Liabilities decrease$50 000 during the year. What are the beginning and ending amounts of equity respectively?

Match each term with its definition by choosing the appropriate letter.

A debit records an increase in liabilities.
B. A debit records an decrease in assets.
C. A credit records an increase in liabilities.
D. A credit records an decrease in capital.