Accounting Chapter 2 - Identify 2: Left, Right, Debit, Credit
Decreases in any liability account are shown an a T account's __________ side.
left, debit
Increases in an asset account are shown on a T account's __________ side.
left, debit
The normal balance side of any asset account is the __________ side.
left, debit
The normal balance side of any expense account is the __________ side.
left, debit
The normal balance side of any owner's drawing account is the __________ side.
left, debit
The values of all things owned (assets) are on the accounting equation's "Left or Right" side.
left
The values of all equities or claims against the assets (liabilities and owner's equity) are on the accounting equation's "Left or Right" side.
right
Decreases in an asset account are shown on a T account's __________ side.
right, credit
Increases in a revenue account are shown on a T account's __________ side.
right, credit
The normal balance side of an owner's capital account is the __________ side.
right, credit
The normal balance side of any liability account is the __________ side.
right, credit
The normal balance side of any revenue account is the __________ side.
right, credit
