Debits and Credits
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18 Terms
When assets are increased
debit
When assets are decreased
credit
When liabilities are increased
credit
When liabilities are decreased
debit
When equity (common stock, retained earnings) are increased
credit
When equity (common stock, retained earnings) are decreased
debit
When contra-equity (dividends) are increased
debit
When contra-equity (dividends) are decreased
credit
When revenue is increased
credit
When revenue is decreased
debit
When expenses are increased
debit
When expenses are decreased
credit
Debit
Left
Credit
Right
DEALER
Dividends, Expenses, Assets, Liabilities, Equity, Revenue
DEAD
Debit: Expenses, Assets, Dividends
Trial balance
determines that debits equal credits
Note 
Flashcards (22)