Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit.   Increase Decrease Normal Balance Balance sheet accounts:         Asset     Debit   Liability   Debit     Stockholders' equity:           Common Stock Credit         Retained Earnings     Credit     Dividends Debit Credit   Income statement accounts:         Revenue     Credit   Expense   Credit Debit

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is