Debit v Credit
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11 Terms
5 main account types
Assets
Liabilities
Stockholders Equity
Revenues
Expenses
Accounts that increase with debit
Assets and Expenses
Accounts that increase with credit
Liabilities, Stockholders Equity, Revenues
Assets increase and decrease what
increase debit, decrease credit
Expenses increase and decrease what
increase debit, decrease credit
Liabilities increase and decrease what
increase credit, decrease debit
Stockholders Equity increase and decrease what
increase credit and decrease debit
Revenues increase and decrease what
increase credit, decrease debit
Debit meaning
“to owe”, this takes money directly from your account
When a business gets something (cash, supplies, equipment), iut records a ____ to show that it has that resource
debit
What does credit mean
“to trust”, someone trusted you to pay later. This lets you but now and pay later
Note 
Flashcards (179)