Debit expenses and losses, credit income and gains

when a net loss has occurred, Income summary is:*a. credited and owner’s drawing is debitedb. debited and owner’s drawing is creditedc. credited and owner’s capital is debitedd. debited and owner’s capital is credited

Debits increase asset and expense accounts. True False

Losses are allowed as deductions from gross income if the following provisions are met, except:Select one:a.The loss must be that of a taxpayer and incurred in connection with trade, business or professionb.The loss need not be reported to the BIR.c.The loss must not be compensated by insurance or other forms of indemnityd.The loss must be actually sustained in a closed and completed transaction

if a machinery's balance b/d was 200000(debit) and it was sold for 120000, by crediting bank a/c with 120000 and provision for depreciation of 50000 in machinery a/c what will be the balance and on which side, will it be a loss on sale of machinery or ?a profit on a sale of machinery

A decrease in liability account is recorded by a debit entry.