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What is the debit and credit formula for each of the five account types(Asset, liability, equity,...

What is the debit and credit formula for each of the five account types(Asset, liability, equity, revenue, expense)?(Please type your answer)

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Answer #1

ASSETS:

If assets account debit then it increases.

If assets account credit then it decreases.

LIABILITIES :

if liabilities account debit then it decreases.

If liabilities account credit then it increases.

EQUITY:

if equity account debit then it decreases.

If equity account credit then it increases.

REVENUE:

If revenue account debit then it decreases.

If revenue account credit then it increases.

EXPENSE:

If expenses account debit then it increases.

If expense account credit then it decrease.

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