What is debit and credit ❓
What is debit and credit ❓
Dual accounts must have at least 2 or more debit and credit accounts. Both accounts must have the same balance, but can have as many accounts.
double bookkeeping will take note of each transaction But the total will be the same every time. This principle is commonly applied to various businesses. very present
🔸 Debit Credit
for understanding We need to get to know both types of accounts first. Debit account (Dr) is an account that records assets. various expenses The credit account (Cr) is an account used to record liabilities. If we record that the remaining debit balance is greater than the debit balance, it is called “Credit Balance”
Asset - (increase) is called debit / (decrease) is called credit.
Liabilities - (increase) called credit / (decrease) called debit.
Owner's Equity - (increase) is called credit / (decrease) is called debit.
Income - (increase) is called credit / (decrease) is called debit.
Expenses - (increase) called debit / (decrease) called credit.
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