Debit Debit is a type of accounting entry in the double entry book keeping system. A debit entry may result in either of the following results: Increase in an expense Increase in the value of an asset Decrease in an income Decrease in the value of equity or a liability Credit Credit is a type of accounting entry in the double entry book keeping system. A credit entry may result in either of the following results: Increase in an income Increase in the value of equity or a liability Decrease in an expense Decrease in the value of an asset To Indicate: (a) Basic type of account debited and credited, (b) specific account debited and credited, (c) whether specific account is increased or decreased and (d) normal balance of specific account.

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Chapter 2, Problem 2.2E

To determine

Debit

Debit is a type of accounting entry in the double entry book keeping system. A debit entry may result in either of the following results:

Increase in an expense

Increase in the value of an asset

Decrease in an income

Decrease in the value of equity or a liability

Credit

Credit is a type of accounting entry in the double entry book keeping system. A credit entry may result in either of the following results:

Increase in an income

Increase in the value of equity or a liability

Decrease in an expense

Decrease in the value of an asset

To Indicate: (a) Basic type of account debited and credited, (b) specific account debited and credited, (c) whether specific account is increased or decreased and (d) normal balance of specific account.

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