In a standard journal entry using the rules of debits and credits, which type of account is increased with a debit?

• A. Revenue accounts
• B. Asset accounts
• C. Common stock (equity) accounts
• D. Liability accounts

Answer: (B)

Verified step by step guidance

1. Understand the basic accounting equation: \(\text{Assets} = \text{Liabilities} + \text{Equity}\). This equation is the foundation of double-entry accounting.
2. Recall the rules of debits and credits: Debits increase asset and expense accounts, while credits increase liability, equity, and revenue accounts.
3. Identify the types of accounts given: Revenue accounts, Asset accounts, Common stock (equity) accounts, and Liability accounts.
4. Apply the debit rule to each account type: Asset accounts increase with a debit, revenue accounts increase with a credit, common stock (equity) accounts increase with a credit, and liability accounts increase with a credit.
5. Conclude that the account type increased by a debit in a standard journal entry is the Asset account.