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Debit and Credit Quick Reference

Debit and Credit Quick Reference - The left side column is...

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Rules of Debit and Credit Quick Reference Guide ACCOUNT CLASSIFICATION DEBIT CREDIT A ssets L iabilities O wner’s Equity R evenue E xpense The rules of Debit and Credit are really pretty easy to remember is you can set this chart up and remember only the two blue arrows. Since there are only two possibilities (Debit and Credit) you can complete the entire chart once you know those two.
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Unformatted text preview: The left side column is simply the balance sheet accounts (Assets, Liabilities, and Owner’s Equity) followed by the income statement accounts (Revenue and Expense) making the acronym ALORE. There is one more acronym that might help you remember the rules. The acronym is DEAD. It means D Debits increase E Expenses A Assets D and the Drawing account....
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