Debits and Credits
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18 Terms
1
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When assets are increased
debit
2
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When assets are decreased
credit
3
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When liabilities are increased
credit
4
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When liabilities are decreased
debit
5
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When equity (common stock, retained earnings) are increased
credit
6
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When equity (common stock, retained earnings) are decreased
debit
7
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When contra-equity (dividends) are increased
debit
8
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When contra-equity (dividends) are decreased
credit
9
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When revenue is increased credit
10
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When revenue is decreased
debit
11
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When expenses are increased debit
12
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When expenses are decreased
credit
13
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Debit
Left
14
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Credit
Right
15
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DEALER
Dividends, Expenses, Assets, Liabilities, Equity, Revenue
16
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DEAD
Debit: Expenses, Assets, Dividends
17
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Trial balance
determines that debits equal credits
18
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Note 
Flashcards (86)