Posts Tagged ‘Liabilities’

The “Cheat Sheet” for Debits and Credits by Linda Logan, Partner/President/Founder of Fiscal Foundations LLC Asset accounts have debit balances. Debits increase Asset accounts. Credits decrease Asset accounts. Liability accounts have credit balances. Credits increase Liability Accounts. Debits decrease Liability Accounts. Equity accounts have credit balances. Credits increase Equity Accounts. Debits decrease Equity Accounts. Income…