[Get Answer ]-Xacc290 Week1 Dq 5(1)
One of the Basic Principlesof Accounting is that in a “Double Entry” system, Debits = Credits. In thebalance sheet Assets are increased by debits and Liabilities are increased bycredits. In the Income Statement (or P/L statement) Income is increased by acredit and Expenses are increased by debits. What is going to be your trick toremember this throughout the course? Creativity is encouraged..