Unformatted text preview: DEBIT Increased with a Debit Decreased with a Credit ACCOUNTING EQUATION (Note: Normal Balances are highlighted) Basic : Assets ( Dr. ) = Liabilities ( Cr .) + Owner’s Equity ( Cr. ) Expanded : Assets (Dr .) = Liabilities ( Cr. ) + Capital ( Cr. ) – Withdrawals ( Dr. ) + Revenues ( Cr. ) – Expenses (Dr ) The Total DEBITS Must Always Equal the Total CREDITS (Double Entry)...
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- Spring '11
- Accounting, Debit, Double-entry bookkeeping system, normal balance, Normal Balances