Five account classifications are shown as column headings in the table below. For each accountclassification, indicate the manner in which increases and decreases are recorded (i.e., by debits orby credits).Owners’Revenue Expenses Assets Liabilities EquityIncreases recorded by:Decreases recorded by:

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.