Rules of debit and credit
The following table summarizes the rules of debit and credit. For each of the items A through L, indicate whether the proper answer is a debit or a credit.
Increase | Decrease | Normal Balance | |
Balance sheet accounts: | |||
Asset | A | B | Debit |
Liability | C | Debit | D |
Stockholders’ equity: | |||
Common Stock | Credit | E | F |
Retained Earnings | G | H | Credit |
Dividends | Debit | Credit | 1 |
Income statement accounts: | |||
Revenue | J | K | Credit |
Expense | L | Credit | Debit |
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