In Short, explain the difference between a debit and a credit, and explain what the normal balance of the six account types is.
In Short, explain the difference between a debit and a credit, and explain what the normal balance of the six account types is.
Chapter1: Financial Statements And Business Decisions
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In Short, explain the difference between a debit and a credit, and explain what the normal balance of the six account types is.
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The difference between a debit and a credit:
Debit, all increase in assets, expense and stockholders’ equities, all decrease in liabilities, revenues and stockholders’ equities.
Credit all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets and expenses.
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