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Accounting basics

Revenue
Liability
Equity
Assets
Expense
To increase a liability you..
Credit
Debit
To increase an asset you..
Credit
Debit
To decrease revenue you....
Credit
Debit
To decrease equity you...
Credit
Debit
To increase expenses you...
Credit
Debit
A credit to cash will result in
Increase
Decrease
A debit to equipment will result in
Increase
Decrease
A credit to accounts payable
Increase
Decrease
A debit to accounts receivable will result in
Increase
Decrease
A credit to sales will result in
Increase
Decrease
A debit to cost of sales will result in
Increase
Decrease
A debit to wage expense will result in
Increase
Decrease
A normal balance of an asset is a
Debit
Credit
A normal balance of a liability is a
Debit
Credit
A normal balance of an income account is a
Debit
Credit
A normal balance of an expense account is a
Debit
Credit
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