debt and credit rules


debt and credit rules
The rules to be followed under the method of double-entry bookkeeping. The rules are:
• any asset account is increased by making a debit entry and decreased by making a credit entry;
• any expense account is increased by making a debit entry and decreased by making a credit entry;
• any liability account is decreased by making a debit entry and increased by making a credit entry;
• any revenue account is decreased by making a debit entry and increased by making a credit entry;
• any capital account is decreased by making a debit entry and increased by making a credit entry.

Accounting dictionary. 2014.

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