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Discussion Topic: Draft a report for Lewis Gallen to help him understand how entries are recorded using debits and credits. A thorough and substantive response
Discussion Topic: Draft a report for Lewis Gallen to help him understand how entries are recorded using debits and credits. A thorough and substantive response would include all of the following: 1. List each account in the expanded accounting equation (asset, liability, owner capital, owner draw, revenue, expense) and provide guidance on how the balance in each account is increased and decreased (debit vs credit) and also a note on if the normal balance should be a debit or credit. 2. Choose ONE account category, describe a transaction, and explain how the transaction would result in either an increase or decrease to the account balance
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