Overview

debit and credit rules


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The rules to be followed under the method of double-entry book-keeping. The rules are: any asset account is increased by making a debit entry and decreased by making a credit entry; any expense account is increased by making a debit entry and decreased by making a credit entry; any liability account is decreased by making a debit entry and increased by making a credit entry; any revenue account is decreased by making a debit entry and increased by making a credit entry; any capital account is decreased by making a debit entry and increased by making a credit entry.

any asset account is increased by making a debit entry and decreased by making a credit entry;

any expense account is increased by making a debit entry and decreased by making a credit entry;

any liability account is decreased by making a debit entry and increased by making a credit entry;

any revenue account is decreased by making a debit entry and increased by making a credit entry;

any capital account is decreased by making a debit entry and increased by making a credit entry.

Subjects: Accounting.


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