Debits And Credits

Question 1

Chsrt of accounts - account order

Answer 1

Balance sheet accounts then income statement accounts

• assets
• liabilities
• equity
• revenue
• expenses
• gains
• losses

Question 2

What is a Debit

Answer 2

Debit means left - enter the amount of the left

Question 3

What is a credit

Answer 3

Credit means right side,- enter the amount on rhe right

Question 4

Accounts that are increased w a debit

Answer 4

D.E.A.L:
Dividends
Expenses
Assets
Losses

Question 5

Accounts increased with a credit

Answer 5

G.I.R.L.S
GAINS
INCOME
REVENUE
LIABILITIES
STOCKHOLDERS (owners) EQUITY