In the file ACC 205 Week 1 Discussion Question 2 Debit and

In the file ACC 205 Week 1 Discussion Question 2 Debit and Credit you will find answers on the following tasks: Recording Business Transactions. Define the terms debit and credit. Explain how debits and credits affect the following: assets liabilities owners capital account revenues and expenses. – Debit – An entry in the financial books of a firm that increases an asset or an expense or an entry that decreases a liability owner’s equity (capital) or income. – Also an entry entered on the left side (column) of a journal or general ledger account. – Let’s combine the two above definitions into one complete definition. An entry (amount) entered on the left side (column) of a journal or general ledger account

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