Debit or Credit?
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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
