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View Full Version : Debits and credits


fpsb
Jan 26, 2009, 07:09 PM
What are Common Stock Dividends Distributable increased by?

What are Income Taxes Payable increased by?

codyman144
Jan 26, 2009, 10:49 PM
What do you think? At least try to answer the question first...

fpsb
Jan 27, 2009, 01:02 PM
I think both are increased by a debit.

codyman144
Jan 27, 2009, 01:50 PM
Both are Liabilities, does that change your answer?

fpsb
Jan 27, 2009, 05:47 PM
They are increased by a credit

codyman144
Jan 27, 2009, 05:52 PM
So if you were to book the entry for income taxes payable what would it be?