While studying with one of your classmates, they ask you the following question: The way the instructor
Question:
While studying with one of your classmates, they ask you the following question:
“The way the instructor explained the use of debits and credits seems backward to me. Credits decrease assets, while debits decrease liabilities. This is the opposite of what I think it should be.
Can you please explain this to me in a way that might make sense to me?”
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The debit and credit rule is based on the accounting equation The ...View the full answer
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Saikumar Ramagiri
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Related Book For 
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
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