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Debits and Credits Rules

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Quite simply there are 5 account types and each one can go up or down as follows.

D E A D C L I C
This acronym stands for Debit Expenses, Assets and Drawings, and Credit Liabilities, Income and Capital.

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Account Group	Account Value Increase	Account Value Decrease	Balance
Assets A/R Cash	DR	CR	DR
Liabilities Deposits Taxes Due Prepaid Sales	CR	DR	CR
Owner Equity	CR	DR
Revenue Sales	CR	DR	CR
Expenses Discounts	DR	CR	DR

Remember also that every transaction affects two accounts, one is a debit, the other a credit. This is why we call it double entry (not single entry) bookkeeping.

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Note

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You apply this DEAD CLIC rule if an account goes up in value. If an account goes down in value, you apply the opposite. In other words, if an expense increases in value, then you debit the account (because the DEAD CLIC rule says to Debit Expenses). If an expense decreases in value, then you credit the account.

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Remember also that every transaction affects two accounts, one is a debit, the other a credit. This is why we call it double entry (not single entry) bookkeeping.

Source: "Debits and Credits Rule"; AccountingTraining.co.nz; http://www.accountingtraining.co.nz/general-accounting/debits-and-credits/; accessed 4-12-2018

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To see commonly used terms in VetView Hospital, please visit our Hospital Glossary of Terms.

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Debits and Credits Rules