Question

How do debits and credits work?

Answer 1

Answer:

Debits and credits are equal but opposite entries in your books. If a debit increases an account, you will decrease the opposite account with a credit. ... A credit is an entry made on the right side of an account. It either increases equity, liability, or revenue accounts or decreases an asset or expense account.

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Answer 2

Answer:

Debits and credits are equal but opposite entries in your books. If a debit increases an account, you will decrease the opposite account with a credit.

A debit is an entry made on the left side of an account. It either increases an asset or expense account or decreases equity, liability, or revenue accounts. For example, you would debit the purchase of a new computer by entering the asset gained on the left side of your asset account.  A credit is an entry made on the right side of an account. It either increases equity, liability, or revenue accounts or decreases an asset or expense account. Record the corresponding credit for the purchase of a new computer by crediting your expense account.  

Explanation: