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Lecture 3

ACC 358 Lecture 3: acc 358 footnotes (3)


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
3

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Assets = Liabilities - Owner's Equity
Asset Accounts
Debit for increase (+)
Credit for Decrease (-)
Liability Accounts
Credit for increase (+)
Debit for decrease (-)
Owner's Equity Accounts
Credit for increase (+)
Debit for decrease (-)
Revenue Account
Credit for Increase (+)
Debit for decrease (-)
Expense Account
Debit for increase (+)
Credit for decrease (-)
Owner Withdrawals
Drawing Account
Debit for Increase (+)
Credit for decrease (-)
Normal Balance
the side of the account that increases
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