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Journal and Adjusting Entries. Rules To Remember. Accounts are not your checking or saving accounts They are storage devices for your financial transactions

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Presentation Transcript
rules to remember
Rules To Remember
  • Accounts are not your checking or saving accounts
  • They are storage devices for your financial transactions
  • When a Bank “Credits Your Account” for your deposits it is because your money is a Liability to them …. Our transactions are the opposite of the banking transactions
rules to remember1
Rules To Remember
  • Assets have a Normal Balance of DEBIT
    • To increase an Asset, make a Debit Entry
    • To decrease an Asset, make a Credit Entry
  • Liabilities have a Normal Balance of Credit
    • To increase a Liability, make a Credit Entry
    • To decrease a Liability, make a Debit Entry
rules to remember2
Rules To Remember
  • Equity has a Normal Balance of Credit
    • To increase an Equity, make a Credit Entry
    • To decrease an Equity, make a Debit Entry
  • Revenues have a Normal Balance of Credit
    • To increase a Revenue, make a Credit Entry
    • To decrease a Revenue, make a Debit Entry
  • Expenses have a Normal Balance of DEBIT
    • To increase an Expense, make a Debit Entry
    • To decrease an Expense, make a Credit Entry
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