accounting credits and debits

Which side of an account increases assets?

Debit

Which side of an account decreases assets?

Credit

Which side of an account increases liabilities?

Credit

Which side of an account decreases liabilities?

Debit

Which side of an account increases owner’s equity?

Credit

Which side of an account decreases owner’s equity?

Debit

Which side of an account increases expenses?

Debit

Which side of an account decreases expenses?

Credit

Which side of an account increases revenue?

Credit

Which side of an account decreases revenue?

Debit

What is the normal balance of cash?

Debit

What is the normal balance of accounts receivable?

Debit

What is the normal balance of accounts payable?

Credit

What is the normal balance of common stock?

Credit

What is the normal balance of retained earnings?

Credit

What is the normal balance of dividends?

Debit

What is the normal balance of rent expense?

Debit

What is the normal balance of service revenue?

Credit

If you debit an asset account, what happens to the balance?

It increases

If you credit an asset account, what happens to the balance?

It decreases

If you debit a liability account, what happens to the balance?

It decreases

If you credit a liability account, what happens to the balance?

It increases

If you debit an expense account, what happens to the balance?

It increases

If you credit an expense account, what happens to the balance?

It decreases

If you debit a revenue account, what happens to the balance?

It decreases

If you credit a revenue account, what happens to the balance?

It increases

Which accounts normally have a debit balance?

Assets and Expenses

Which accounts normally have a credit balance

Liabilities, Equity, and Revenue

Debiting an account means entering an amount on which side?

Left

Crediting an account means entering an amount on which side?

Right