Debits/Credits- Overall Flashcards by Mike Merriam | Brainscape

Q

Asset

A

Normal Balance- Debit

Debits increase
Credits decrease

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Q

Liability

A

Normal Balance- Credit

Credits increase
Debits decrease

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Q

Owner’s Equity (Stockholder’s Equity)

A

Normal Balance- Credit

Credits increase
Debits decrease

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Q

Revenue (or Income)

A

Normal Balance- Credit

Credits increase
Debits decrease

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Q

Expense

A

Normal Balance- Debit

Debits increase
Credits decrease

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Q

Retained Earnings (Owner’s Drawing)

A

Normal Balance- Credit

Credits increase
Debits decrease

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Q

Gain

A

Normal Balance- Credit

Credits increase
Debits decrease

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Q

Loss

A

Normal Balance- Debit

Debits increase
Credits decrease

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Q

Dividend

A

Normal Balance- Debit

Debits increase
Credits decrease

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Q

Income summary

A

Not a financial statement account. Only used during closeout.

Credit for total revenue
Debit for total expense

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Q

Contra Asset

A

Normal Balance- Credit

Credits increase
Debits decrease

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Q

Contra liability

A

Normal Balance- Debit

Debits increase
Credits decrease

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