Conversely, decreases in assets are recorded on the best aspect of asset accounts, and decreases in liabilities and equities are recorded within the still left aspect". Very similar is the situation with revenues and charges, what raises shareholder's fairness is recorded as credit given that they are in the appropriate aspect of equation and vice … Read More

Because the transaction for the new Pc is produced on credit, the payable "ABC Pcs" has not however been compensated. Subsequently, a legal responsibility is designed inside the entity's records. Therefore, to harmony the accounting equation the corresponding liability account is credited:If the income is deposited into the banking account, two iss… Read More