1 4 Rules of Debit DR and Credit CR Financial and Managerial Accounting
Therefore, asset, expense, and owner's drawing accounts normally have debit balances. Liability, revenue, and owner's capital accounts normally have credit balances. To determine the correct entry, identify the accounts affected by a transaction, which category each account falls into, and whether the transaction increases or decreases the account's balance. So for example there are contra […]
1 4 Rules of Debit DR and Credit CR Financial and Managerial Accounting Read More »