All credit accounts are decrease by debits while all debit accounts are increased by debits and vice versa.
No Liabilities will not be increased they will be decreased by debits
debits expense accounts and credits contra accounts
yes
All those accounts decreases with debit which normal or default balances are credit for example all liabilities or incomes are decreased with debits because their default balances are credit balance.
Yes. And Liabilties are increased by credits.
No Liabilities will not be increased they will be decreased by debits
debits expense accounts and credits contra accounts
yes
All those accounts decreases with debit which normal or default balances are credit for example all liabilities or incomes are decreased with debits because their default balances are credit balance.
Yes. And Liabilties are increased by credits.
The General Ledger
journel
Accounts receivable is decreased with credit balance or by receiving the cash from customers.
decreased
posting
bill receivable a/c cr to customer a/c
In the profit and loss: Expenses and in the bakance sheet: Any asset