SSDouglas99
Feb 6, 2010, 05:08 PM
I need to know how to find the increase and decrease side for each account and what is the normal balance for each account off a financial statement.
morgaine300
Feb 6, 2010, 07:21 PM
You have five classifications of accounts. These are the five, in order, with their normal balance side. (The normal balance side is the increasing side.)
Assets - debit
Liabilities - credit
Equity - credit
Revenue - credit
Expense - debit
There are tons and tons of different accounts, so no one could simply start listing them all with their normal balances -- you need to be learning the meanings of these classifications and therefore what accounts belong where.