Archive for August 12th, 2011

What goes on debit side & What goes on credit side?

August 12, 2011

Here is the general rule to remember which side is debit and which side is credit: var odesk_widgets_width = 340; var odesk_widgets_height = 230; To increase purchases/expenses/assets accounts, post a debit entry To decrease purchases/expenses/assets accounts, post a credit entry To increase purchases/expenses/assets accounts, post a debit entry To increase income/liabilities/equity accounts, post a credit [...]

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