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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Essentials Of Accounting

ISBN: 9780273771463

11th International Edition

Authors: Leslie K. Breitner

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