Debits and Credits!! 0.0 / 5 ? AccountingGeneral KnowledgeASAQA Created by: gahraceCreated on: 17-12-15 17:56 The account which GAINS value, records an asset or expense DEBIT 1 of 18 The accout which GIVES value, records liabilities or an income item CREDIT 2 of 18 Purchases of goods for resale Debit 3 of 18 Sales Returns (returns in) Debit 4 of 18 Sales Credit 5 of 18 Non-currant assets for use in the business Debit 6 of 18 Expenses Debit 7 of 18 Purchase returns (returns out) Credit 8 of 18 Income received Credit 9 of 18 Trade payables Credit 10 of 18 Money paid out through cash or bank account Credit 11 of 18 Capital introduced by owner into the business Credit 12 of 18 Trade receivables Debit 13 of 18 Money received through cash or bank account Debit 14 of 18 Loan received Credit 15 of 18 Drawings Debit 16 of 18 Liability (something owed by the business) Credit 17 of 18 Asset (something owned by the business) Debit 18 of 18
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