Question

Accountants do not speak in terms of increases and decreases. Rather, they use technical terminology. Thus, to __________ an account means to place an entry on the left side of the account; to __________ an account means to place an entry on the right side of the account.

Answer 1

Answer:

The first gap is for Debit

The second gap is for credit

Explanation:

In accounting, Debit side(Dr) is always on the left side and credit side(Cr) is always on the right side.

The table is usually like 'T'

Debit side increases asset and expenses while credit decreases assets and expenses.

Also, Debit side decreases liability, equity and revenue while credit increases liability, equity and revenue