![]() Equity accounts, a debit decreases the balance and a credit increases the balance.Liability accounts, a debit decreases the balance and a credit increases the balance.Asset accounts, a debit increases the balance and a credit decreases the balance. ![]() Understand the concept of Business Transaction and Source Document here in detail.Ī debit and credit entry have a broad impact on different accounts. Every businesss financial statements should include.
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