Credits and Debits and what happens

Credits and Debits and what happens - ASSET LIABILITIES...

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Account Type Normal Balance Increase/Decreas Acct. Example Asset Debit Debit/Credit Cash, Accounts Receivable Liability Credit Credit/Debit Accounts Payable Owner's Equity Credit Credit/Debit Owner's Capital Revenues Credit Credit/Debit Sales Expensesd Debit Debit/Credit Rent, Utilities, Advertising Owner's draw Debit Debit/Credit Owner's draw Debit Credit What happens ASSET ASSET Increases an Asset/Decreases an Asset ASSET REVENUE Increases an Asset/Increases Revenue (Increases Equity)
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Unformatted text preview: ASSET LIABILITIES Increases an Asset/Increases Liabilities ASSET OWNERS EQUITY Increases an Asset/Increases Owner's Equity LIABILITIES ASSET Decreases a Liability/Decreases an Asset OWNERS DRAW ASSET Increases a Draw (Reduces Equity/ Decreases an Asset EXPENSE LIABILITIES Increases an Expense (Reduces Equity)/Increases a Liability EXPENSE ASSET Increases an Expense (Reduces Equity)/Decreases an Asset What happens when you….?...
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This note was uploaded on 01/22/2011 for the course ACCT 280 taught by Professor Ddddd during the Winter '10 term at University of Phoenix.

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