3 hours agoUser's profile pictureTausha Chapman week 2 accounting COLLAPSE In the accounting world double entry accounting is used so every transaction has a debit or credit. Assets are what we owned in a business like supplies, cash,and personal items. Liability is are what shows a company balance of how much or how little we owe. Equity is what we owe the owner in how much they invested and what will be returned if the business sales. Revenue is what is earned from sale of the company business and it also lets a company know where profits stand. Expense is what the company spends to run the business, like payroll or supplies. Debits in accounting is usually money that is coming in the business. Credits are define as money that is going out or until service is rendered. Debits are usually classified as assets and expense Credits are usually liabilities, equity, and revenue. Normal balance in accounting what is expected on double entry balance sheet. Its lets you know the amount of your debits and credits. In the end of the month everything should have a place and must balance respond to her post