Checkpoint - Revenue R 2 Complete the following matrix To...

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Axia College Material Appendix B Debits and Credits Consider the information presented in PhxKlips™ Debits and Credits. Pay particular attention to the meaning of debits and credits and their effects on accounts. Then follow the instructions below. 1. Write a response to the following questions: In what two ways is the word debit defined in Debits and Credits? The two ways debit is explained where as the left side of the T-Account and also considered as T Expenses. E In what two ways is the word credit defined in Debits and Credits? The two ways credit is acknowledged is as the right side of the T-account and also as the T
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Unformatted text preview: Revenue. R 2. Complete the following matrix. To do so, ask yourself questions, such as: • What increases the Asset account, a debit or a credit? What decreases the Asset account, a debit or a credit? What is the normal balance of the Asset account, a debit or a credit? Account Changes Account Categories What increases the account? What decreases the account? What is the normal balance? Assets Debit Credit Debit Liabilities Credit Debit Credit Equity Credit Debit Debit Revenue Credit Debit Credit Gains Credit Debit Credit Expenses Debit Credit Debit Losses Debit Credit Debit XACC 280...
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