Equity accounts debit or credit

    • [DOC File]SUMMARY OF ACCOUNTING BASICS

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      Rules of debit and credit as applied to balance sheet accounts Items in the balance sheet are classified into three categories: assets, liabilities, and owners' equity. (A.) Identify by name two ledger accounts in each of the first two categories above (assets and liabilities) and one owners' equity account.

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    • [DOC File]INSTRUCTIONS FOR UNIT #10

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      The debit column is correctly stated because the erroneous debit (to Accounts Payable) is deducted from an account with a (larger assumed) credit balance. b. The credit column is understated by $37,900 because Accounts Payable was debited — it should have been credited.

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    • [DOC File]Chapter 03 The Accounting Cycle: Capturing Economic Events

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      Prepaid insurance asset debit credit debit e. Land asset debit credit debit f. P. Maben, Capital equity credit debit credit g. Accounts receivable asset debit credit debit h. P. Maben, Withdrawals equity debit credit debit i. Cash asset debit credit debit j. Equipment asset debit credit debit k. Fees earned revenue credit debit credit l.

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    • [DOCX File]CHAPTER 2

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      Since revenue increases equity, revenue accounts have . credit. balances. Therefore, in order to close revenue accounts you need a debit for each revenue account. The total of all debits becomes a . credit. to a new account called . income summary. Think of . income summary. as a . clearing account. The credit side of that account will show the ...

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    • [DOC File]CHAPTER 3

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      The concept of double-entry bookkeeping and the rules of debit and credit for assets, liabilities, and equity are described. The rules of debit and credit are then expanded to include specific types of equity accounts, and then expanded again to include revenues and expense accounts. The “T-account” is illustrated.

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    • Debit vs Credit - What's the Difference? Example Chart | Explanation

      decreases in owner’s equity. Expense Accounts Credit for. increases in owner’s equity. Revenue Accounts Debit. for. increases Credit. for. decreases Debit. for. decreases Credit. for. increases Normal Balance. 4. To Analyze a Transaction: 1. Determine whether an asset, a liability, owner’s

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