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by donovan reynolds. on September 20th, 2006

donovan reynolds.

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What is an easy way to remember what kinds of accounts belong to debits and credits(i.e: Accounts Payable; or John Doe, Capital)?

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  • by littleknown on September 20th, 2006

    littleknown

    Debits are monies that are to be collected. (Assets not yet collected, Accts. Recievable)
    Credits are monies that you owe to vendors and contractors, (liabilities, Accts. payable)

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  • by theredbaron on June 27th, 2007

    theredbaron

    Balance sheet accounts: debit = assets, credit = liabilities & equity. Income statment accounts: debit = expenses (the 2nd letter of "debit"), credit = revenues (the 2nd letter of "credit").

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