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
A credit is not the normal balance for asset accounts and expense accounts. Assets typically have a normal debit balance, meaning they increase with debits and decrease with credits. Similarly, expenses also increase with debits and decrease with credits, making credits the opposite of their normal balance. In contrast, liability and equity accounts normally have credit balances.
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.
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.
posting
decreased
In the profit and loss: Expenses and in the bakance sheet: Any asset
bill receivable a/c cr to customer a/c