Debit or Credit?

When cash is paid out, the Cash account is ?

Credited. And the other account is debited.

When cash is received, the Cash account is ?

Debited. And the other account in credited.

DEAL - These accounts are increased with a debit

Dividends, Expenses, Assets, Losses

Credit

Entry that either increases a liability or equity account or decreases and asset or expense account

Debits

Entry that either increases an asset or expense account or decreases a liability or equity account (on left of entry)

GIRLS - These types of accounts are increased with a credit

Gains, Income, Revenue, Liabilities, Stockholder's Revenue

An asset account is ? with a debit?

Increased

When cash is paid out...

It is recorded as a credit

When cash is received...

It is recorded as a debit