MsFocused26
Aug 26, 2012, 10:35 PM
Would I credit accounts payable and credit supplies? Help please
pready
Aug 27, 2012, 06:37 AM
You would Debit Supplies and Credit Accounts Payable.
Here is a way to remember what types of accounts have a normal debit or credit balance.
D - Debit Balance
E - Expenses
A - Assets
D - Dividends
C - Credit Balance
U - Unearned Revenues
R - Revenues
L - Liabilities
S - shareholders Equity/ Owners Capital
A debit entry to an account with a normal debit balance will increaase the account balance, while a credit entry will decrease the account balance.
A credit entry to an account with a normal credit balance will inrease the account balance, while a debit entry will decrease the account balance.