Question

state the rules of debit and credit of asset?​

Answer 1

Explanation:

• The “rule of debits” says that all accounts that normally contain a debit balance will increase in amount when debited and reduce when credited. And the accounts that normally have a debit balance deal with assets and expenses.

Answer 2

Answer:

The “rule of debits” says that all accounts that normally contain a debit balance will increase in amount when debited and reduce when credited. And the accounts that normally have a debit balance deal with assets and expenses. Here’s what happens in each account type when it’s debited.

To understand a type of transaction that would be labeled on the debit side of an account we can look at Bob’s Barber Shop. Bob sells hair gel to a customer for $45 and gets paid in cash. Looking at the chart above we can tell that assets (of which cash is a part) will increase by debiting it. You’d record this $45 increase of cash with a debit in the asset account of Bob’s books.

Note: A chart of accounts may contain dozens of accounts. There may be several accounts relating to assets, like a cash or accounts receivable.

Here’s what debiting that account would look like.

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