The following table summarizes the rules of debit and credit. For each of the items (a)
through (l), indicate whether the proper answer is a debit or a credit.
|
|
|
|
Normal |
|
|
|
Increase |
Decrease |
Balance |
|
|
Balance sheet accounts: |
|
|
|
|
|
Asset |
(a) |
Credit |
(b) |
|
|
Liability |
(c) |
(d) |
Credit |
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|
Owner’s equity: |
|
|
|
|
|
Capital |
Credit |
(e) |
(f) |
|
|
Drawing |
(g) |
(h) |
Debit |
|
|
Income statement accounts: |
|
|
|
|
|
Revenue |
(i) |
(j) |
(k) |
|
|
Expense |
Debit |
(l) |
Debit |
|