Debits are recorded to increase: a. revenue and assets accounts b. assets and liabilities accounts c. assets and expenses d. all listed above Normal Account Balance: The normal balance of an account can be either debit or credit and it...
Debit (Dr):an entry on the left side of an account ledger thatincreases assets(what a company owns)or expenses(costs of operating) anddecreases liabilities(debts),equity(ownership value),or revenues(income). Credit (Cr):an entry on the right side of an account ledger thatincreases liabilities...
credits increase liability, equity, gains and revenue accounts, while debits decrease them. As such, accounts are said to have a natural, or natural positive credit/debit balance, credit or debit balance based on which one increases the account. For example, assets have a natural...