Debit/Credit Rules + Procedures Flashcards
1
Q
Increase Owner’s Drawings
A
Debits
2
Q
Decrease Owner’s Drawings
A
Credits
3
Q
Increase Owner’s Capital
A
Credits
4
Q
Decrease Owner’s Capital
A
Debits
5
Q
Decrease Revenues
A
Debits
6
Q
Increase Revenues
A
Credits
7
Q
Increase Expenses
A
Debits
8
Q
Decrease Expenses
A
Credits
9
Q
Normal Balance for Revenue?
A
Credit for increase
10
Q
Normal Balance for Expenses?
A
Debit for increase
11
Q
Normal Balance for Owner’s Drawings?
A
Debit for increase
12
Q
Normal Balance for Owner’s Capital?
A
Credit for increase
13
Q
Increase Assets
A
Debits
14
Q
Decrease Assets
A
Credits
15
Q
Decrease Liabilities
A
Debits
