Debits and Credits
To Record Transactions
Let's see if you've got your ducks in a row regarding Debits and Credits, Detail Accounts, and Transactions.
Simple Debit/Credit Rule
All Accounts have a Normal Balance which is either a Debit Balance or a Credit Balance.
Assets, Expenses, and Draws all have Normal Debit Balances.
Liabilities, Owner's Equity (Capital), and Revenue all have Normal Credit Balances.
Enter an amount in the Normal Balance Side of an Account to Increase the Balance of an Account and in the opposite side to Decrease the Balance of an Account.
Select the appropriate Detail Accounts to Debit (Left Side) and Credit (Right Side) to record the transaction and
also the effect (increase or decrease) the debit or credit has on the detail account
for the following transactions: