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  • Does a debit to a liability account increase or decrease the balance?

    A debit to a liability account on the balance sheet would decrease the account, while a credit would increase the account.  For example, when a company receives an invoice from a supplier, they would credit accounts payable to record the invoice.

  • Does a debit to an asset increase or decrease the balance?

    A debit to an asset account will increase the account, while a credit will decrease the account. For example, when a company receives cash from customer, they debit cash, and when they pay suppliers, they would credit cash.