xacc280_appendix_b - • What increases the Asset account a...

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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? It is defined as the Left Side or a Liability account In what two ways is the word credit defined in Debits and Credits? It is defined as the Right Side or a Asset account 2. Complete the following matrix. To do so, ask yourself questions, such as:
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Unformatted text preview: • 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 Revenue Expenses Credit Revenue Credit Debit Credit Gains Revenue Expenses Credit Expenses Debit Credit Debit Losses Expenses Revenue Debit XACC 280...
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