Chapter 2: Concepts (Debits & Credits) Flashcards by Mitchy West

Q

assets

A

Normal debit increase. Credit decrease.

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Q

liabilities

A

Debit decrease. Normal credit increase.

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Q

owner’s capital account

A

Debit decrease. Normal credit increase.

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Q

owner’s drawing account

A

Normal debit increase. Credit decrease.

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Q

revenue

A

Debit decrease. Normal credit increase.

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Q

expense

A

Normal debit INCREASE. Credit DECREASE.

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