Question

state the rules of debit and credit from incomes ,expenses, capital, liabilities and assests.​

Answer 1

Assets = Liabilities + Owner's Equity + Revenue – Expenses

Each transaction (let's say $100) is recorded by a debit entry of $100 in one account, and a credit entry of $100 in another account.The rule that total debits equal the total credits applies when all accounts are totaled.