XACC 280 Week 2 Appendix B

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XACC 280 Week 2 Appendix B

Debits and Credits

Consider the information presented in PhxKlips Debits and Credits. Pay particular attention to the meaning of debits and credits and their effects on accounts. Then follow the instructions below.

  1. Write a response to the following questions:

In what two ways is the word debit defined in Debits and Credits?

In what two ways is the word credit defined in Debits and Credits?

  1. Complete the following matrix. To do so, ask yourself questions, such as:

What increases the Asset account, a debit or a credit?

What decreases the Asset account, a debit or a credit?

What is the normal balance of the Asset account, a debit or a credit?

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