An amount recorded on the right side of a T account is a debit.

Each asset account has a normal credit balance.

Each liability account has a normal debit balance.

The balance of an account increases on the same side as the normal balance side.

Asset accounts decrease on the credit side.

Each transaction changes the balances in at least two accounts.

A list of accounts used by a business is a chart of accounts.

When cash is paid for supplies, the Supplies account is increased by a credit.

Common accounting practice is to record withdrawals as debits directly in the owner’s capital account.

The left side of an asset account is the credit side, because asset accounts are on the left side of the accounting equation.

A drawing account is increased by debits and decreased by credits.

Increases in expense accounts are recorded as debits, because they decrease the owner’s capital account.

The normal balance side of an Accounts Receivable account is a debit.

To summarize withdrawal information separately from the other records, owner withdrawal transactions are recorded in the owner’s capital account.

The left side of a T account is the

If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is

The normal balance side of a liability account is the

When an owner invests cash in a business, the owner’s capital account is

When a business pays cash on account, a liability account is

When cash is received from sales, the change in the owner’s equity is usually recorded

Increases in a revenue account are shown on a T account’s

When $1,500 cash is received on account,

The normal balance side of any revenue account is the