ACC 201 TEXT HW CH13a EX13-1B Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Account Titles Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts payable Common Stock Land Unearned Revenue Service Revenue Retained Earning Used to Increase This Account credit credit Used to Decrease This Account debit debit

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.