If owner's equity and liabilities increased during the period, then assets must also have increased.
Can someone help me remember what increases and what doesn't?
Thank you!
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If owner's equity and liabilities increased during the period, then assets must also have increased.
Can someone help me remember what increases and what doesn't?
Thank you!
Assets = Liabilities + Owners Equity
The following types of accounts will increase with a debit or credit entry
D Debits
E Expense
A Assets
D Dividends
C Credits
U Unearned Revenues
R Revenues
L Liabilities
S Shareholder Equity or Owners Equity
In other words: debit entries will increase a DEAD type of account and a credit entry will increase a CURLS account.
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