Rules of Debit and Credit
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Last updated 2:04 AM on 9/10/25
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6 Terms
1
New cards
Assets
Debit for increases (+), Credit for decreases(-)
Balance in debit
2
New cards
Owners Drawing Account
Debit for increases (+), Credit for decreases(-)
Balance in debit
3
New cards
Expense Accounts (Income Statements)
Debit for increases (+), Credit for decreases(-)
Balance in debit
4
New cards
Liabilities
Debit for decreases (-), Credit for increases (+)
Balance in credit
5
New cards
Owners Equity
Debit for decreases (-), Credit for increases (+)
Balance in credit
6
New cards
Revenue Accounts (Income Statement)
Debit for decreases (-), Credit for increases (+)
Balance in credit
Note 
Flashcards (94)