In the profit and loss: Expenses and in the bakance sheet: Any asset
yes
All credit accounts are decrease by debits while all debit accounts are increased by debits and vice versa.
debits expense accounts and credits contra accounts
No Liabilities will not be increased they will be decreased by debits
Yes, revenue accounts are increased with credits. In accounting, revenues are recorded as credits in the double-entry bookkeeping system, which reflects an increase in the overall equity of the business. Conversely, when revenues decrease, they are recorded as debits. This aligns with the basic accounting principle that credits increase revenue and debits decrease it.
yes
All credit accounts are decrease by debits while all debit accounts are increased by debits and vice versa.
debits expense accounts and credits contra accounts
No Liabilities will not be increased they will be decreased by debits
Yes. And Liabilties are increased by credits.
The General Ledger
journel
posting
Dividends are increased with debits.
bill receivable a/c cr to customer a/c
A balance sheet should be equal debits and credits at the end of it. Your debits are what you spend. Money on expenses or just about anything. Credits is assets/money/capital credited to accounts. Credits must equal the debits.
Accounts Receivable.