Item8 1 points Time Remaining 18 minutes 53 seconds 00:18:53 Item 8Item 8 1 points Time Remaining 18 minutes 53 seconds 00:18:53 Identify the statement below that is correct. Multiple Choice The left side of a T-account is the credit side. The left side of a T-account is the debit side. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. In certain circumstances the total amount debited need not equal the total amount credited for a particular transaction. Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts.

The Left side of the T-account is always the debit side. This is why assets and expenses are usually recorded on the left side of a T-account because Debits increase assets and expenses.

The right side of the T-account is the credit side and used to record Liability, Equity and Revenue accounts because a credit to those accounts represents an increase.

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