Asked by Kamri Smith on Jun 29, 2024
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Debits increase asset and expense accounts.
Asset Accounts
Accounts on a balance sheet representing owned resources expected to provide future economic benefits.
Expense Accounts
Accounts used to record all expenditures incurred by a business during an accounting period, excluding costs of goods sold.
Debits
An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet or in an expense on the income statement.
- Master the essential aspects of debits and credits and their implications for account balances.
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Learning Objectives
- Master the essential aspects of debits and credits and their implications for account balances.
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