The rules we just developed in terms of left side and right side can now be stated
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The rules we just developed in terms of “left side” and “right side”
can now be stated in terms of debit and credit.
Increases in assets are [debits / credits].
Decreases in assets are [debits / credits].
Increases in liabilities are [debits / credits].
Decreases in liabilities are [debits / credits].
Increases in equity are [debits / credits].
Decreases in equity are [debits / credits].
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