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Essay text:
An increase in a liability
3. An increase in shareholders' equity item
** HINT** - Identify two components of each transaction: 1.) what did you get; 2.) where did it come from. The debit is what you got, and the credit is the source of the item you received.
For instance, let's imagine that you purchase a computer with your credit card. Since the computer is what you received it's going to result in a debit to the asset account for your computer. The credit will be applied to the credit card liability account for the same amount.
II. What accounts Increase/Decrease with debits and credits
Account Type Debit Credit
Balance Sheet Assets Increase Decrease
Balance Sheet Liabilities Decrease Increase
Balance Sheet Owner's Equity Decrease Increase
Income Statement Revenue Decrease Increase
Income Statement Cost of goods sold Increase Decrease
Income Statement Expenses Increase Decrease
III...
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