Journal Entries Pt.2 Flashcards
1
Q
What does DEADCRLS stand for?
A
Debit (Expenses Assets Dividends)
Credit (Revenue Liablities Shareholder’s Equity)
2
Q
What does DEALER stand for?
A
Dividends Expenses Assets
Liabilities Equity Revenue
3
Q
What type of accounts are DEA?
A
Debit accounts
4
Q
What type of accounts are LER?
A
Credit accounts
5
Q
What happens when you debit/credit debit accounts?
A
Increase when debuted
Decrease when credited
6
Q
What happens when you debit/credit credit accounts?
A
Increase when credited
Decrease when debited
