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
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
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 4E: Rules of debit and credit The following table summarizes the rules of debit and credit. For each of...
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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 | ||||
Common Stock | Credit | ||||
Credit | |||||
Dividends | Debit | Credit | |||
Income statement accounts: | |||||
Revenue | Credit | ||||
Expense | Credit | Debit |
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