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Purchases account is personal account in nature so debit means increase and credit means decrease.
equipment is a fixed asset.so it's a Debit balance account.
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
debit
Drawings has debit balance as a normal balance that's why it is increased by debit and reduced by credit.
Purchases account is personal account in nature so debit means increase and credit means decrease.
equipment is a fixed asset.so it's a Debit balance account.
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
debit
decreased by a debit
Drawings has debit balance as a normal balance that's why it is increased by debit and reduced by credit.
It is a debit balance. Furniture and Equipment accounts are included in an individuals assets and asset accounts have debit values.
The exact definition of debit is The amount entered on the left side of the account. Depending on what account a debit is being entered in, makes the difference as to what happens on the Balance Sheet. An Asset that has a debit balance is increased by a debit, thus increasing assets. A liability (which generally has a credit balance) will be decreased by a debit. Hence, debiting assets such as Cash, Accounts Receivable, Supplies, Equipment, etc will increase Assets on the balance sheet. Debiting liability accounts such as accounts payable, notes payable, etc, will "decrease" said liability therefore decreasing liabilities on the balance sheet.
Any credit is an increase to an account. A debit is a decrease to the account.
Debit: Profit & Loss Account Credit: Cash In Hand or Petty Cash Nature of Debit is Expense and the nature of Credit is Asset. Expense Increased and Asset Decreased If you have an account already open for such Losses then you should debit such account. For example in my company Cash loss is usual Case so we have an Account titled "Cash Lost Expense" In my cash I will pass the entry as Debit: Cash Lost Expense Credit: Cash in Hand or Petty Cash
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx