What will increase the following account items – Debit or Credit?  Fill in the blanks. Assets _____________ Equity _____________ Losses _____________  What will decrease these account items – Debit or Credit?  Fill in the blanks. Liabilities __________ Expenses __________ Gains _____________    What is the normal balance for these account items – Debit or Credit?  Fill in the blanks. Revenue __________ Losses____________ Assets ____________

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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