Rules of Debit and Credit

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6 Terms

1
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Assets

Debit for increases (+), Credit for decreases(-)

Balance in debit

2
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Owners Drawing Account

Debit for increases (+), Credit for decreases(-)

Balance in debit

3
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Expense Accounts (Income Statements)

Debit for increases (+), Credit for decreases(-)

Balance in debit

4
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Liabilities

Debit for decreases (-), Credit for increases (+)

Balance in credit

5
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Owners Equity

Debit for decreases (-), Credit for increases (+)

Balance in credit

6
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Revenue Accounts (Income Statement)

Debit for decreases (-), Credit for increases (+)

Balance in credit