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Goodnight just a question. If i has cash at hand and capital at the end of...

Goodnight just a question. If i has cash at hand and capital at the end of September and I have to do a new entries for October. How would I do the journal entries
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Answer #1

Basic rules in journalizing the transactions:

1. Debit all assets

When an asset is increased, asset account will be debited and when an asset is decreased, asset account will be credited.

Example: Cash is an asset. If it is increasing because of a transaction in october, debit cash and if cash is decreasing because of a transaction in october, credit cash.

2. Credit all liabilities

Means when a liability is increased, liability account will be credited and when a liability is decreased, liability account will be debited

3. Debit all expenses and losses and

4. Credit all revenues and Gains

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